solution
solution.
MULTIPLE CHOICE
A mortgage for a condominium had a principal balance of $49,300 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.62% compounded semi-annually and payments were made monthly.
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Order Paper Nowa. Calculate the size of the payments, rounded up to the next whole number.
$592
$1,087
$587
$598
b. If the monthly payments were set at $692, by how much would the time period of the mortgage shorten?
1 years and 3 months
2 years and 4 months
7 years and 6 months
8 years and 8 months
c. If the monthly payments were set at $692, calculate the size of the final payment.
$865.05
-$519.99
$173.56
$86,249.29
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