A mortgage for a condominium had a principal balance of $47,000 that had to be amortized...

 

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A mortgage for a condominium had a principal balance of $47,000 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 3.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. SO Round up to the next whole number b. If the monthly payments were set at $823, by how much would the time period of the mortgage shorten? o year(s) 0 months c. If the monthly payments were set at $823, calculate the size of the final payment. Round to the nearest cent A mortgage for a condominium had a principal balance of $47,000 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 3.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. SO Round up to the next whole number b. If the monthly payments were set at $823, by how much would the time period of the mortgage shorten? o year(s) 0 months c. If the monthly payments were set at $823, calculate the size of the final payment. Round to the nearest cent

Answer rating: 100% (QA)

Effective annual rate of interest 345 Monthly interest Ra... View the full answer