A mortgage of $26 500 is to be repaid by making payments of $1560 at the end

Question:

A mortgage of $26 500 is to be repaid by making payments of $1560 at the end of every six months. If interest is 7% compounded semi-annually, what is the term of the mortgage?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 03:56 AM

See More Questions

A mortgage of $120 000 is to be repaid by making payments of $751 at the end of each month. If interest is 5.75% compounded semi-annually, what is the term of the mortgage?
A mortgage of $35 500 is repaid by making payments of $570 at the end of each month for 15 years. What is the nominal annual rate of interest compounded semi- annually?
A debt of $14 000 is repaid by making payments of $1500. If interest is 9% compounded monthly, for how long will payments have to be made (a) At the end of every six months? (b) At the end of each...
What requirements must be met to deduct a trade or business expense? an expense related to the production of income?
Explain why the following hypotheses are not constructed correctly. a. H0: 10; HA: 10 b. H0: 500; HA: = 500 c. H0 : p 0.40; HA: p > 0.42 d. H0 : 128; HA: > 128
Describe a soil in land capability Class Ilw in comparison with one in Class IVe.
22-2. Qu importancia tiene la forma de S de la funcin de respuesta de ventas en la figura 22-1?
Phoenix plc trial balance at 30 June 20X7 was as follows: The following information is available: 1. Freehold premises acquired for £1.8 million were revalued in 20X4, recognizing a gain of...
What are the Benefits and Limitations of Budgeting? (350 words)
Samara Tate couldnt have been happier. As she looked back on the past two years, she realized just how much how her hard work had paid off. First, she had been hired as a waitress at the exclusive...
Josie borrowed $8000 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $300 each. If the payments are due at the end of each month and interest...
A car loan of $12 000 is to be repaid with end-of-month payments of $292.96. If interest is 8% compounded monthly, how long is the term of the loan?
Consider the following statement: The audit of inventory is one of the riskiest areas of the audit. Management can manipulate the value of inventory through a variety of methods, such as through...
Which industries gain and which industries lose from the availability of cheap natural gas produced from shale deposits? Joseph Schumpeter, an Austrian-born economist who emigrated to the United...
Did the value of the Canadian dollar rise or fall between Tuesday and Wednesday?
As vice president for community relations, you want to explore the possibility of developing service learning programs with several nearby colleges and universities. Using Figure 2.5, suggest the...
Your organization initiated a project to raise money for an important charity. Assume that there are 1,000 people in your organization. Also, assume that you have six months to raise as much money as...
A $20-\mathrm{cm}$-long rod, with uniform linear charge density $100 \mathrm{nC} / \mathrm{cm}$, is set up symmetrically on the $x$ axis. What are the magnitude and direction of the electric...
What is the difference between a positive and a negative externality?
What can you do to reduce hunger where you live? To reduce hunger globally?
In column 2, identify the source for each bit of information in column 1, such as an Internet search, talking to prospective customers, looking at internal data, and so forth.
If the intersection of two closed intervals is nonempty, then their union is a closed interval. In Problem, discuss the validity of each statement. If the statement is true, explain why, if not, give...
An all-day parking meter takes only dimes and quarters. If it contains 100 coins with a total value of $ 14.50, how many of each type of coin are in the meter?
How should you divide your money between Fund A and Fund B to produce an annual interest income of $30,000?
. Emerson Cammack wishes to purchase an annuity contract that will pay him $7,000 a year for the rest of his life. The Philo Life Insurance Company figures that his life expectancy is 20 years, based...
Integrity Inc. can sell 20-year, $1,000 par value bonds paying semi-annual interests with a 10% coupon. The bonds can be sold for $1,050 each; flotation cost of $50 per bond will be incurred in this...
Duncan Inc. issued 500, $1,200, 8%, 25 year bonds on January 1, 2020, at 102. Interest is payable on January 1. Duncan uses straight-line amortization for bond discounts or premiums. INSTRUCTIONS:...

A mortgage of $26 500 is to be repaid by making payments of $1560 at the end

Question:

Step by Step Answer:

PV n 26 50000 PMT 156000 i 35 n In0405449 In1035 ...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions