A mortgage of $686,000 is amortized over 25 years by making end-of-month payments of $3,650. Your calculator must be set to 2 decimals before doing any calculations that are going to involve Amortization. a.) What is the annual rate of interest compounded semi-annually? (Correct to exactly 4 decimal places.) Once you have seen what this is, to 4 decimal places, set your calculator back to 2 decimal places before using the AMORT function.. b.) What is the value of the final (partial) payment? The final payment required to make the outstanding balance equal exactly zero. KUse the BA Do not calculote this by band) c.) What is the total interest cost for the debt over 25 years (300 payments)? (Use the BAI Do rot coolate tris 5y hand

A mortgage of $686,000 is amortized over 25 years by making end-of-month payments of $3,650. Your calculator must be set to 2 decimals before doing any calculations that are going to involve Amortization. a.) What is the annual rate of interest compounded semi-annually? (Correct to exactly 4 decimal places.) Once you have seen what this is, to 4 decimal places, set your calculator back to 2 decimal places before using the AMORT function.. b.) What is the value of the final (partial) payment? The final payment required to make the outstanding balance equal exactly zero. KUse the BA Do not calculote this by band) c.) What is the total interest cost for the debt over 25 years (300 payments)? (Use the BAI Do rot coolate tris 5y hand

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

A mortgage of $686,000 is amortized over 25 years by making end-of-month payments of $3,650.
Your calcutator must be set to 2 decimals before doing any calcutations that are going to involve
Amortization
a) What is the annual rate of interest compounded semi-annually?
(Correct to exoctly 4 decinmal places.)
Once you have seen what this is, to 4 decimal places, set your calculator back to 2 decimal places before using
the AMORT function.
b.) What is the value of the final (partial) payment?
The final payment required to make the outstanding balance equal exactly zero.
KUSE the BAI Do not colculate this y hond
c.) What is the total interest cost for the debt over 25 years (300 payments)?
(Use the BAIE De rot co olbletris 2y hand)

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