Question
A $365,400 condo mortgage at 3.763% compounded semi-annually is settled with monthly payments of $1950.76. What is the amortization period of the condo mortgage in
A $365,400 condo mortgage at 3.763% compounded semi-annually is settled with monthly payments of $1950.76. What is the amortization period of the condo mortgage in years and months? (Include separate intermediate calculations.) Instead of monthly payments, if accelerated bi-weekly payments of $975.38 are made, what will be the amortization period in years and weeks? (Include separate intermediate calculations.) How much interest will be saved if accelerated bi-weekly payments are made as stated above, instead of monthly payments? (Include separate calculations for final payment and total interest charged for each scenario).
I have to do this question in excel so please also include the formula please..
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