Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The interest rate on a 3 0 - year, $ 5 7 0 , 0 0 0 . 0 0 mortgage is 5 . 5

The interest rate on a 30-year, $570,000.00 mortgage is 5.50% compounded semi-annually. Calculate the amount of interest saved if the mortgage was settled with month-end payments in 16 years instead of month-end payments in 30 years. Note: Round the month-end payments to the nearest cent.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions