Question
A $200,000 mortgage is amortized over 25 years with monthly payments. The interest rate is 3% compounded semi annually. a. Calculate the monthly payment. b.
A $200,000 mortgage is amortized over 25 years with monthly payments. The interest rate is 3% compounded semi annually.
a. Calculate the monthly payment.
b. If the mortgage was amortized over 25 years with accelerated weekly payments instead of 25 years with monthly payments (where the weekly payment is calculated by taking the payment calculated in (a) above and dividing it by 4), how much interest is paid over the life of the mortgage?
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Fundamentals Of Futures And Options Markets
Authors: Jonn C. Hull
8th International Edition
0133382850, 9780133382853
