Question
A $110,000 mortgage was amortized over 10 years by monthly repayments. The interest rate on the mortgage was fixed at 5.10% compounded semi-annually for the
A $110,000 mortgage was amortized over 10 years by monthly repayments. The interest rate on the mortgage was fixed at 5.10% compounded semi-annually for the entire period.
a. Calculate the size of the payments rounded up to the next $100.
Round up to the next 100
b. Using the payment from part a., calculate the size of the final payment.
Round to the nearest cent
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Personal Finance
Authors: E. Thomas Garman, Raymond Forgue
8th Edition
0618471421, 9780618471423
