A $180,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on themortgage was fixed at 4.20% compounded semi-annually for the entire period. a. Calculate the size of thepayments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a.,calculate the size of the final payment. Round to the nearest cent

To calculate the monthly payments for the mortgage, we can use the formula for the monthly payment…

Answered: A $180,000 mortgage was amortized over…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 25E

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A $120,000 mortgage was amortized over 10 years by monthly repayments. The interest rate on the mortgage was fixed at 4.30% compounded semi-annually for the entire period. a. Calculate the size of the payments rounded up to the next $100. $1,300.00 ✪ Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. $0.00 X Round to the nearest cent
A $110,000 mortgage was amortized over 20 years by monthly repayments. The interest rate on the mortgage was fixed at 5.60% compounded semi-annually for the entire period. Full solutions should be shown on separate sheets of paper. Submit your solutions. Question 5 of 6 a. Calculate the size of the payments rounded up to the next $100. Round up to the next 100 b. Using the payment from part a., calculate the size of the final payment. Round to the nearest cent ← >
A $96,000 mortgage is to be repaid over a fifteen-year period by monthly payments rounded up to the next-higher $100. Interest is 7.7% compounded semi-annually. (a) Determine the number of rounded payments required to repay the mortgage. (b) Determine the size of the last payment. (c) Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent.
The balance on a mortgage was $48,200 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. b. If the monthly payments were set at $998, how long would it take to pay off the mortgage? c. If the monthly payments were set at $998, calculate the size of the final payment.
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