The Berezins agreed to monthly payments rounded up to the nearest $100 on a mortgage of $36
Question:
(a) Determine the mortgage balance at the end of the 5-year term.
(b) If the interest rate remains unchanged over the remaining term, how many more of the increased payments will amortize the mortgage balance?
(c) How much did the Berezins save by exercising the increase-in-payment option?
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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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