A mortgage for a condominium had a principal balance of $45,300 that had to beamortized over the remaining period of 7 years. The interest rate was fixed at 3.32%compounded semi-annually and payments were made monthly.a. Calculate the size of the payments, rounded up to the next whole number.O $605O $1,004O $599O $612b. If the monthly payments were set at $705, by how much would the time period ofthe mortgage shorten?O 1 years and 1 monthsO 2 years and 2 monthsO 6 years and 6 monthsO 7 years and 8 monthsc. If the monthly payments were set at $705, calculate the size of the final payment.O $1,264.41O $144.45O $560.95O $52,283.71

Given: Particulars Amount Mortgage $45,300 Years 7 Interest rate 3.32% Monthly payment…

Answered: A mortgage for a condominium had a…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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