Question
A $300,000 mortgage is amortized over 25 years at an interest rate of 6% compounded semi - a nnually. a)You decide to make payments monthly,
A $300,000 mortgage is amortized over 25 years at an interest rate of 6% compounded semi - annually.
a)You decide to make payments monthly, calculate the monthly payment.
b. What is the total interest paid over the life of the mortgage (with monthly payments, exact answer)?
c)If you decide to make payments weekly, what would the weekly payment ?
d)What is the total interest paid over the life of the mortgage (with weekly payments, exact answer)?
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
8th edition
013342362X, 978-0133423624
