A $200,000 mortgage at 4.9% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage entitles
Question:
A $200,000 mortgage at 4.9% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage entitles the borrower to increase the amount of the regular payment by up to 15% once each year. How much will the amortization period be shortened if, after the 12th payment, the payments are increased by
a. 7.5%?
b. 15%?
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Given a b Total time to pay off loan 226 12 238 months Re...View the full answer
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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