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The interest rate on a $100,000 mortgage loan is 8.75% compounded semiannually. (4 marks) a. What are the monthly payments for a 25-year amortization? b.
The interest rate on a $100,000 mortgage loan is 8.75% compounded semiannually. (4 marks) a. What are the monthly payments for a 25-year amortization? b. The borrower makes weekly payments equal to one-fourth of the monthly payment calculated in part a. Calculate the number of years it will take for the loan to be paid off if the interest rate does not change? Assume there are exactly 52 weeks in a year
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