Wanda takes out a 33-year mortgage for $186000 at an interest rate of j1 = 7.8%. After the 10th monthly mortgage payment, she decides to make some changes. To repay the loan, she will make 99 more mortgage payments (additional to the 10 she has already made). At the same time as the 11th payment that is, one month from the 10th payment), she plans to set up a sinking-fund that will pay off the remainder of the mortgage on the same day as she makes the last mortgage payment. If the sinking-fund earns interest at 112 = 5.7%. What will be the amount of each monthly sinking-fund deposit?

Answer rating: 100% (QA)

Mortgage amount is 186000 Term is 33 years or 396 m... View the full answer