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I would greatly appreciate some help...The interest rate for the first five years of Terilynn and Ross's $120,000 mortgage is 4% compounded semiannually. Monthly payments
I would greatly appreciate some help...The interest rate for the first five years of Terilynn and Ross's $120,000 mortgage is 4% compounded semiannually. Monthly payments are based on a 25 year amortization. After 2 years of the term, Terilynn and Ross decided to take advantage of the privilege of increasing the payments on their mortgage by 10%. a) How much will the amortization period be shortened? b) What will be the principal balance at the end of the five year term
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