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Kimiko signed a mortgage requiring payments of $257.12 at the end of every month for 5 years at 6.8% compounded monthly. (a) How much was
Kimiko signed a mortgage requiring payments of $257.12 at the end of every month for 5 years at 6.8% compounded monthly. (a) How much was the original mortgage balance? (b) If Kimiko missed the first 6 payments, how much would she have to pay after 7 months to bring the mortgage payments up to date? (c) How much would Kimiko have to pay after 7 months to pay off the mortgage (assuming she missed all the payments)? (d) If the mortgage were paid off after 7 months, what would the total interest cost be? (e) How much of the total interest cost is additional interest because of the missed payments? (a) The original mortgage balance was $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Kimiko signed a mortgage requiring payments of $257.12 at the end of every month for 5 years at 6.8% compounded monthly. (a) How much was the original mortgage balance? (b) If Kimiko missed the first 6 payments, how much would she have to pay after 7 months to bring the mortgage payments up to date? (c) How much would Kimiko have to pay after 7 months to pay off the mortgage (assuming she missed all the payments)? (d) If the mortgage were paid off after 7 months, what would the total interest cost be? (e) How much of the total interest cost is additional interest because of the missed payments? (a) The original mortgage balance was $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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