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A mortgage for a condominium had a principal balance of $41,200 that had to be amortized over the remaining period of 4 years. The interest
A mortgage for a condominium had a principal balance of $41,200 that had to be amortized over the remaining period of 4 years. The interest rate was fixed at 3.42% 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 $1,020, by how much would the time period of the mortgage shorten?
year(s)
months
c. If the monthly payments were set at $1,020, calculate the size of the final payment.
Round to the nearest cent
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