A

$97 comma 000

mortgage is to be repaid over a

ten

-year

period by

monthly

payments rounded up to the next-higher $100. Interest is

8.4 %

compounded semi dash annually.(a)

Determine the number of rounded payments required to repay the mortgage.

(b)

Determine the size of the last payment.

(c)

Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent.