Question: A 2 5 - year, $ 4 7 0 , 0 0 0 mortgage at 4 . 2 0 % compounded quarterly is repaid with
A year, $ mortgage at compounded quarterly is repaid with monthly payments.
a What is the size of the monthly payments?
$
Round to the nearest cent.
b Find the balance of the mortgage at the end of years?
$
Round to the nearest cent.
c By how much did the amortization period shorten by if the monthly payments are increased by $ at the end of year eight?
years
months
Express the answer in years and months, rounded to the next payment period.
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