An $80 000 mortgage is to be repaid over a 10-year period by monthly payments rounded up
Question:
(a) What is the number of rounded payments required to repay the mortgage?
(b) What is the size of the last payment?
(c) How much interest was saved by rounding the payments up to the next-higher $50?
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Step by Step Answer:
a PV nc 80 00000 n 1210 120 i 478 2 239 c 1 6 p 10239 16 1 1003944 1 03944 80 00000 PMT 80 000...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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