A mortgage for a condominium had a principal balance of $49,200 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.92% compounded semi-annually and payments were made monthly.

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

b. If the monthly payments were set at $748, by how much would the time period of the mortgage shorten?

year(s) months

c. If the monthly payments were set at $748, calculate the size of the final payment.

Round to the nearest cent

Show steps using algebra or ba 2 plus financial calculator not excel.