The balance on a mortgage was $43,400 and an interest rate of 5.50% compounded semi-annually was charged

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The balance on a mortgage was $43,400 and an interest rate of 5.50% 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.

b. If the monthly payments were set at $1,410, how long would it take to pay off the mortgage?

c. If the monthly payments were set at $1,410, calculate the size of the final payment.

Related Book For answer-question

Fundamentals of Engineering Economics

ISBN: 978-0132775427

3rd edition

Authors: Chan S. Park

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Posted Date: May 17, 2022 07:18 AM

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The balance on a mortgage was $43,400 and an interest rate of 5.50% compounded semi-annually was charged

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Fundamentals of Engineering Economics

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