%24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Emma received a $79,300 mortgage that is amortized over 3 years. She negotiated a fixed interest rate of 3.3% compounded semi-annually for the term with repayments made on a monthly basis. a) Calculate the size of the payments (Round off to the nearest dollar). $ b) If the payments are rounded off to the nearest dollar, fillin the missing values of the partial amortization schedule below (All the other values are rounded off to two decimal places). Interest Portion Principal Loan Balance Payment Number Payment Amount PMT ($) INT ($) Portion PRN (S) BAL ($) $79,300 35 $0 36 $79,300 Total

%24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Emma received a $79,300 mortgage that is amortized over 3 years. She negotiated a fixed interest rate of 3.3% compounded semi-annually for the term with repayments made on a monthly basis. a) Calculate the size of the payments (Round off to the nearest dollar). $ b) If the payments are rounded off to the nearest dollar, fillin the missing values of the partial amortization schedule below (All the other values are rounded off to two decimal places). Interest Portion Principal Loan Balance Payment Number Payment Amount PMT ($) INT ($) Portion PRN (S) BAL ($) $79,300 35 $0 36 $79,300 Total

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 9FPE

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