A mortgage for a condominium had a principal balance of $45,100
that had to be amortized over the remaining period of 7 years. The
interest rate was fixed at 3.62% compounded semi-annually and
payments were made monthly.
a. Calculate the size of the payments,
rounded up to the next whole number.
$609
$1,049
$602
$615
b. If the monthly payments were set at
$759, by how much would the time period of the mortgage
shorten?
1 years and 6 months
2 years and 7 months
9 years and 0 months
9 years and 1 months
c. If the monthly payments were set at
$759, calculate the size of the final payment.
$1,159.33
-$358.54
$401.53
$53,037.47