3:40 PM | 0.9KB/s↑January 1, 202415:37VPN Yl (72)4G+GA mortgage of $119,000 is to be repaid by making payments of $945 at the end of each month. If interest is 5.78% per annum compounded annually, what is the termof the mortgage? State your answer in years and months (from 0 to 11 months).The term of the mortgage is year(s) and month(s).OU

Introduction:A mortgage is a type of loan that is used to buy or refinance a property. A mortgage…

Answered: A mortgage of $119.000 is to be repaid…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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A mortgage of $119.000 is to be repaid by making payments of $945 at the end of each month. If interest is 5.78% per annum compounded annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months).