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A mortgage for a condominium had a principal balance of $41,100 that had to be amortized over the remaining period of 5 years. The interest
A mortgage for a condominium had a principal balance of $41,100 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 5.32% 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 $881, by how much would the time period of the mortgage shorten
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