A $96000 mortgage is to be repaid over a tweenty year period by monthly payments rounded up
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Question:
(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 $100 versus rounding the payment to the nearest cent.
Related Book For
Discrete and Combinatorial Mathematics An Applied Introduction
ISBN: 978-0201726343
5th edition
Authors: Ralph P. Grimaldi
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