For Question 9, produce the mortgage statement for the 6-month term. Assume all payments have been made on time. Compare the balance to the balance in Question 9 and explain why there may be a difference.
In Question 9
A $40 000 mortgage taken out on June 1 is to be repaid by monthly payments rounded up to the nearest $10. The payments are due on the first day of each month starting July 1. The amortization period is 12 years and interest is 5.5% com- pounded semi-annually for a 6-month term. Construct an amortization schedule for the 6-month term.