Monthly payments on a $150,000 mortgage are based on an interest rate of 4.9% compounded semiannually and
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Monthly payments on a $150,000 mortgage are based on an interest rate of 4.9% compounded semiannually and a 30-year amortization. If a $5000 prepayment is made along with the 32nd payment,
a. How much will the amortization period be shortened?
b. What will be the principal balance after four years?
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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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