please help thanks The balance on a mortgage was $43,000 and an interest rate of 4.25% compoundedsemi-annually was charged for the remaining 5-year term. Monthly payments weremade to settle the mortgage.a. Calculate the size of the monthly payments.$0Round up to the next whole numberb. If the monthly payments were set at $947, how long would it take to pay off themortgage?0 years0 monthsExpress the answer in years and months, rounded to the next payment periodc. If the monthly payments were set at $947, calculate the size of the final payment.$0.00Round to the nearest cent

Monthly Payment: The amount that is due each month in order to pay off the loan within the allotted…

The balance on a mortgage was $43,000 and an interest rate of 4.25% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. $0

The balance on a mortgage was $43,000 and an interest rate of 4.25% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. $0

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Question

please help thanks

The balance on a mortgage was $43,000 and an interest rate of 4.25% compounded
semi-annually was charged for the remaining 5-year term. Monthly payments were
made to settle the mortgage.
a. Calculate the size of the monthly payments.
$0
Round up to the next whole number
b. If the monthly payments were set at $947, how long would it take to pay off the
mortgage?
0 years
0 months
Express the answer in years and months, rounded to the next payment period
c. If the monthly payments were set at $947, calculate the size of the final payment.
$0.00
Round to the nearest cent

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