A mortgage has a principalbalance of $385,000, an interestrate of 4.45% compounded semi- annually not in advance. Theamortization is 15 years. What isthe accelerated bi-weeklypayment amount? a) $674.61 b)$1,349.78 c) $1,463.71 d) $2,927.41

Mortgage principal balance = $385,000Interest rate (compounded semi-annually) = 4.45%Number of years…

Answered: A mortgage has a principal balance of…

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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A mortgage has a principal balance of $385, 000, an interest rate of 4.45% compounded semi - annually not in advance. The