There is a relationship between mortgage amount, number of payments, amount of each payment, how often each payment is made, and the interest rate. The following formula illustrates the relationship: PV = { R [ 1 - 1 + i -n ]} / i , where PV = present value i = interest rate per compounding period, as a decimal R = payment amount n = number of payments Suppose a bank offers you a 3.4% interest rate, compounded semi-annually, on a mortgage amount of $173 112. You pay $1000/mo, or $6000 semi-annually. How many semi-annual payments would you have to make to pay off the mortgage? How long, in years, would it take to pay off the mortgage?