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The balance on a mortgage was $44,600 and an interest rate of 4.50% compounded semi-annually...

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Finance

The balance on a mortgage was $44,600 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. Full solutions should be shown on separate sheets of paper. Submit your solutions. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $931, how long would it take to pay off the mortgage? years months Express the answer in years and months, rounded to the next payment period.

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