A mortgage for a condominium had a principal balance of $46,000 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.42% compounded semi-annually and payments were made monthly.Show complete solution.a. Calculate the size of the payments, rounded up to the next whole number.$548

$979$543

$553b. If the monthly payments were set at $698, by how much would the time period of the mortgage shorten?

1 years and 10 months

2 years and 11 months

11 years and 0 months

11 years and 2 months

c. If the monthly payments were set at $698, calculate the size of the final payment.$726.52

-$671.30$28.60

$59,686.42

asked by guest
on Nov 27, 2024 at 7:49 am



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