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please explain in detail how to solve this question OA-14 Close Date: Sat, Apr 9, 2022, 04:00 PM Question 4 of 6 A mortgage for
please explain in detail how to solve this question
OA-14 Close Date: Sat, Apr 9, 2022, 04:00 PM Question 4 of 6 A mortgage for a condominium had a principal balance of $41,400 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.32% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $492 Question 4 of 6 a. Calculate the size of the payments, rounded up to the next whole number. o $492 O $866 O $487 o $496 Question 4 of 6 b. If the monthly payments were set at $592, by how much would the time period of the mortgage shorten? O 1 years and 6 months O 2 years and 7 months o 9 years and 0 months o 9 years and 2 months Question 4 of 6 c. If the monthly payments were set at $592, calculate the size of the final payment. o $1,044.08 -$139.06 o $453.32 O $56,976.07Step by Step Solution
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