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A mortgage for a condominium had a principal balance of $43,100 that had to be amortized over the remaining period of 6 years. The interest
A mortgage for a condominium had a principal balance of $43,100 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 4.72% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number.
b. If the monthly payments were set at $838, by how much would the time period of the mortgage shorten? c. If the monthly payments were set at $838, calculate the size of the final payment.
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