An $80 000 mortgage is to be repaid over a 10-year period by monthly payments rounded up

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An $80 000 mortgage is to be repaid over a 10-year period by monthly payments rounded up to the next-higher $50. Interest is 4.78% com- pounded semi-annually.
(a) What is the number of rounded payments required to repay the mortgage?
(b) What is the size of the last payment?
(c) How much interest was saved by rounding the payments up to the next-higher $50?
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Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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