Give typing answer with explanation and conclusion to all parts A mortgage balance of $30000 is to be repaid over a 10-year term by equal payments at 4.6 compounded semiannually At the request of the mortgagor, the payments were set at 425 (a) How many payments will the mortgagor have to make? (b) What is the size of the last payment? (c) Determine the difference between the total amount required to amortize the mortgage with the contractual monthly payments rounded to the nearest cent and the total actual amount paid.

Give typing answer with explanation and conclusion to all parts A mortgage balance of $30000 is to be repaid over a 10-year term by equal payments at 4.6 compounded semiannually At the request of the mortgagor, the payments were set at 425 (a) How many payments will the mortgagor have to make? (b) What is the size of the last payment? (c) Determine the difference between the total amount required to amortize the mortgage with the contractual monthly payments rounded to the nearest cent and the total actual amount paid.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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