Question
Kimiko signed a mortgage requiring payments of $210.31 at the end of every month for 4 years at 6.2% compounded monthly. (a) How much was
Kimiko signed a mortgage requiring payments of $210.31 at the end of every month for 4 years at 6.2% compounded monthly.
(a) How much was the original mortgagebalance?
(b) If Kimiko missed the first 6 payments, how much would she have to pay after 7 months to bring the mortgage payments up todate?
(c) How much would Kimiko have to pay after 7 months to pay off the mortgage(assuming she missed all thepayments)?
(d) If the mortgage were paid off after 7 months, what would the total interest costbe?
(e) How much of the total interest cost is additional interest because of the missedpayments?
(a) The original mortgage balance was $
nothing
.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
(b) Kimiko would have to pay $
nothing
.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
(c) Kimiko would need $
nothing
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
(d) The total interest cost would be $
nothing
.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
(e) The interest resulting from the deferral is $
nothing
.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
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