A mortgage balance of $23 960 is to be repaid over a 7-year term by equal monthly payments at 6.8% compounded semi-annually. At the request of the mortgagor, the monthly payments were set at $440.
(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 actual amount paid and the total amount required amortizing the mortgage by the contractual monthly payments.