A mortgage for a condominium had a principal balance of $46,100 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 3.12% compounded semi-annually and payments were made monthly.

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

$612

$989

$605

$618

b. If the monthly payments were set at $762, by how much would the time period of the mortgage shorten?

1 years and 6 months

2 years and 7 months

9 years and 0 months

9 years and 1 months

c. If the monthly payments were set at $762, calculate the size of the final payment.

$1,423.11

-$99.44

$662.82

$41,979.95