The interest rate for the first three years of a $163,000 mortgage is 5.4% compounded semiannually. Monthly
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The interest rate for the first three years of a $163,000 mortgage is 5.4% compounded semiannually. Monthly payments are based on a 20.year amortization. lf a $4000 prepayment is made at the end of the 16th month,
a. how much will the amortization period be shortened?
b. what will be the principal balance at tlle end of the three-year tenn?
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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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