Question
A $150,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage was fixed at 4.40% compounded semi-annually for the
A $150,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage was fixed at 4.40% 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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International Finance Transactions Policy And Regulation
Authors: Hal S. Scott
15th Edition
159941547X, 978-1599415475
