A mortgage of $20,563.00 is to be repaid by making payments of $1669.00 at the end of

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A mortgage of $20,563.00 is to be repaid by making payments of $1669.00 at the end of every six months. If interest is 9% compounded semi-annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months).

Posted Date: May 03, 2024 01:20 AM

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A mortgage of $20,563.00 is to be repaid by making payments of $1669.00 at the end of

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To find the term of the mortgage we can use the formula for the ... View the full answer

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