A mortgage of $$656,000$ is amortized over $25$ years by making end$-$of$-$month payments

of $$4,120.$

Your calculator must be set to $2$ decimals before doing any calculations that are

going to involve Amortization.

a$.)$ What is the annual rate of interest compounded semi$-$annually?

$($Correct to exactly $4$ decimal places.$)$

Once you have seen what this is$,$ to $4$ decimal places, set your calculator back to $2$

decimal places before using the AMORT function.

b$.)$ What is the value of the final $($partial$)$ payment?

The final payment required to make the outstanding balance equal exactly zero.

$($Use the BAII$+$: Do not calculate this by hand.$)$

c$.)$ What is the total interest cost for the debt over $25$ years $(300$ payments$)?$

$($Use the BAIl$+$: Do not calculate this by hand.$)$