A mortgage for a condominium had a principal balance of $49,200 that had to be amortized over
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Question:
A mortgage for a condominium had a principal balance of $49,200 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.92% compounded semi-annually and payments were made monthly.
a. Calculate the size of the payments. Round up to the next whole number.
b. If the monthly payments were set at $748, by how much would the time period of the mortgage shorten?
year(s) months
c. If the monthly payments were set at $748, calculate the size of the final payment.
Round to the nearest cent
Show steps using algebra or ba 2 plus financial calculator not excel.
Related Book For
Advanced Accounting
ISBN: 978-1305084858
12th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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