Question: Solve using formula method The balance on a mortgage was $48,900 and an interest rate of 3.50% compounded semi-annually was charged for the remaining 3-year

 Solve using formula method The balance on a mortgage was $48,900

Solve using formula method

The balance on a mortgage was $48,900 and an interest rate of 3.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. $0 Round up to the next whole number b. If the monthly payments were set at $1,583, how long would it take to pay off the mortgage? 0 years 0 months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $1,583, calculate the size of the final payment. $0.00 Round to the nearest cent

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