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Stephen Bundt has applied for a mortgage of $120,000. Interest is computed at 8.5 percent compounded semi-annually. The mortgage will be paid off over 20

Stephen Bundt has applied for a mortgage of $120,000. Interest is computed at 8.5 percent compounded semi-annually. The mortgage will be paid off over 20 years

a. Calculate Peter's monthly payment. b. Calculate Peter's weekly payment. c. Calculate Peter's biweekly (every 2nd week) payment.

Part 2

RVA Bank charges 7.69% compounded monthly on its personal loans. What is their effective interest rate?

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