A $140 000 mortgage is to be repaid over a 15-year period by monthly payments rounded up
Question:
(a) Determine the number of rounded payments required to repay the mortgage.
(b) Determine the size of the last payment.
(c) Calculate the amount of interest saved by rounding the payments up to the next-higher $50.
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Step by Step Answer:
a PV nc 140 00000 n 1215 180 i 435 2 2175 c 16 p 102175 16 1 1003593 1 03593 14000000 P...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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