A $285,000 property mortgage is to be settled with monthly payments over a 15-year period. The rate
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A $285,000 property mortgage is to be settled with monthly payments over a 15-year period. The rate for the mortgage is fixed at 3.45% compounded semi-annually.
a. Determine the size of the monthly payments for the first term rounded to the next $100.
b. In order to repay the mortgage faster the owners made the rounded payments from (a). What was the balance on the mortgage after 5 years?
c. After 5 years, the owners were able to make a lump sum payment of $10,000 and continue with the rounded payments from (a). How much faster were they able to repay the mortgage in full?
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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