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A mortgage for a condominium had a principal balance of $45,200 that had to be amortized over the remaining period of 5 years. The interest
A mortgage for a condominium had a principal balance of $45,200 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 5.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. $860 Round up to the next whole number b. If the monthly payments were set at $961, by how much would the time period of the mortgage shorten? 4 year(s) 5 months c. If the monthly payments were set at $961, calculate the size of the final payment $880.25 Round to the nearest cent
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