For the mortgage in Question 9, develop a mortgage statement for the 6-month term if biweekly payments equal to one-half of the rounded monthly payments are made starting June 16. Compare the balance to the balances in Questions 9, 10, and 11. Explain why it differs significantly from the other three balances.
In Question 9
A $40 000 mortgage taken out on June 1 is to be repaid by monthly payments rounded up to the nearest $10. The payments are due on the first day of each month starting July 1. The amortization period is 12 years and interest is 5.5% com- pounded semi-annually for a 6-month term. Construct an amortization schedule for the 6-month term.