Question: e. (6 Marks) ) Based on the original mortgage (A $200,000 mortgage amortized over 25 years with monthly payments at an interest rate of 6%

e. (6 Marks) ) Based on the original mortgage (A $200,000 mortgage amortized over 25 years with monthly payments at an interest rate of 6% compounded semi-annually), suppose you made a single lump sum payment of $6000 at the end of the second year of the mortgage. ). How long would it now take to pay off the mortgage (calculate the number of years)? How much interest would be saved (when compared to the original mortgage)? 1 9 2 5 81. 84 - 6020 = 1865 81. 84 I / yn 6 CPT N - 2 5 8 . 46 7 Blur 12 Clya 2 24 PV 186581. 84 +259 283 MONTH S PMT - 1 2 79 . 6 2 ( 2 3. 539 yrs )

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