A $96000 mortgage is to be repaid over a tweenty year period by monthly payments rounded up to the next-higher $100. Interest 5.7% is compounded semi-annually.
(a) Determine the number of rounded payments required to repay the mortgage.
(b) Determine the size of the last payment.
(c) Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent.

Answer rating: 100% (QA)

interest 57 annual semi annually 285 Period 20 years semi an... View the full answer