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A 25-year, $475,000 mortgage at 3.50% compounded annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find the

A 25-year, $475,000 mortgage at 3.50% compounded annually is repaid with monthly payments.

a. What is the size of the monthly payments?

b. Find the balance of the mortgage at the end of 6 years?

c. By how much did the amortization period shorten by if the monthly payments are increased by $250 at the end of year six? ( years, month)

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