Luan paid $110,900 as a down payment towards an apartment purchase and received a mortgage from a bank for the remaining amount; he is to pay $5,720 at the end of every month for 29 years at an interest rate of 3.67% compounded monthly to repay the mortgage. a) What was the purchase price of the apartment? $ b) What was the total amount Luan paid over the 29-year period to repay the mortgage? $ 1987680 c) How much interest was charged on the mortgage? $

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The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.