The interest rate for the first three years of a $163,000 mortgage is 5.4% compounded semiannually. Monthly

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The interest rate for the first three years of a $163,000 mortgage is 5.4% compounded semiannually. Monthly payments are based on a 20.year amortization. lf a $4000 prepayment is made at the end of the 16th month,

a. how much will the amortization period be shortened?

b. what will be the principal balance at tlle end of the three-year tenn?

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

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Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 04:26 AM

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The interest rate for the first three years of a $163,000 mortgage is 5.4% compounded semiannually. Monthly

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Given Substitute into formula 102 and solve for PMT a The number ...View the full answer

Fundamentals Of Business Mathematics In Canada

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