A 20-year, $405,000 mortgage at 4.10% compounded semi-annually is repaid with monthly payments. a. What...
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Accounting
A 20-year, $405,000 mortgage at 4.10% compounded semi-annually is repaid with monthly payments.
a. What is the size of the monthly payments?
Round to the nearest cent.
b. Find the balance of the mortgage at the end of 7 years?
Round to the nearest cent.
c. By how much did the amortization period shorten by if the monthly payments are increased by $300 at the end of year seven?
years
months
Express the answer in years and months, rounded to the next payment period
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