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A $87,000 mortgage is to be repaid over a twenty-year period by monthly payments rounded up to the next-higher $100. Interest is 8.6% compounded semi-annually. (a) Determine the number of rounded payments required to repay the mortgage. (b) Determine the size of the last payment. (c) Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent. (a) The number of rounded payments required to repay the mortgage is (Round up to the nearest whole number.) (b) The size of the last payment will be $0. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The amount of interest saved is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) A $87,000 mortgage is to be repaid over a twenty-year period by monthly payments rounded up to the next-higher $100. Interest is 8.6% compounded semi-annually. (a) Determine the number of rounded payments required to repay the mortgage. (b) Determine the size of the last payment. (c) Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent. (a) The number of rounded payments required to repay the mortgage is (Round up to the nearest whole number.) (b) The size of the last payment will be $0. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The amount of interest saved is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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