Question: A $ 8 8 comma 0 0 0 mortgage is to be repaid over a twenty - year period by monthly payments rounded up to
A $ comma mortgage is to be repaid over a twentyyear period by monthly payments rounded up to the nexthigher $ Interest is compounded semi dash annually.
a
Determine the number of rounded payments required to repay the mortgage.
b
Determine the size of the last payment.
c
Calculate the amount of interest saved by rounding the payment up to the next higher $ versus rounding the payment to the nearest cent.
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Part
a The number of rounded payments required to repay the mortgage is
enter your response here.
Round up to the nearest whole number.
Part
b The size of the last payment will be $
enter your response here.
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
Part
c The amount of interest saved is $
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