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The balance on a mortgage was $48,900 and an interest rate of 4.25% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were
The balance on a mortgage was $48,900 and an interest rate of 4.25% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. Full solutions should be shown on separate sheets of paper. Submit your solutions. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $1,549, how many fewer payments would it take to pay off the mortgage? fewer payments
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