A mortgage for a condominium had a principal balance of $41,200 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 3.52% compounded semi-annually and payments were made monthly.

a. Calculate the size of the payments, rounded up to the next whole number.

$636

$1,014

$628

$644

b. If the monthly payments were set at $786, by how much would the time period of the mortgage shorten?

1 years and 3 months

2 years and 4 months

7 years and 6 months

8 years and 8 months

c. If the monthly payments were set at $786, calculate the size of the final payment.

$1,539.07

-$30.82

$755.27

$36,094.12