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The balance on a mortgage was $47,600 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were

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The balance on a mortgage was $47,600 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. Round up to the next whole number b. If the monthly payments were set at $1,536, how many fewer payments would it take to pay off the mortgage? fewer payments

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