A $160 000 mortgage is to be repaid over a 20-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 $100.
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a PV nc 160 00000 n 12 20 240 i 544 2 c 16 p 10272 16 1 1004483 1 04483 16000000 PM...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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