Question: Obj 5: Comp Periodic payments for fixed-rate mortgages & for demand mortgages. Residential mortgages involve semi-annual compounding & monthly PMT, =general annuity. FIND equivalent monthly

Obj 5: Comp Periodic payments for fixed-rate mortgages & for demand mortgages.

Residential mortgages involve semi-annual compounding & monthly PMT, =general annuity. FIND equivalent monthly interest rate p to transform General annuity into a simple ordinary annuity. Subs p into EQU to find PMT EX Obj 2 (Sec B).

MTG PMT Rounded up next ).01, Next $1, or Next $10. PMTs rounded up to a higher value = lower BAL @ end of Term. Rounding affects Size of Final PMT Size of Final PMT using 1/3 methods Obj 3 & rounded payment.

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