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The balance on a mortgage was $45,300 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were
The balance on a mortgage was $45,300 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. $0 Round up to the next whole number b. If the monthly payments were set at $1,467, how long would it take to pay off the mortgage? 2 years 10 months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $1,467, calculate the size of the final payment.
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