Question: The month - end payments on a $ 2 0 4 , 0 0 0 mortgage were originally based on a 1 5 year mortgage
The monthend payments on a $ mortgage were originally based on a year mortgage and a nominal rate of compounded semiannually.
At the end of the fourth year, a prepayment of $ was applied to the mortgage.
By how much time does this shorten the amortization period?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
