Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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The balance on a mortgage was $48,200 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.
a. Calculate the size of the monthly payments.
b. If the monthly payments were set at $998, how long would it take to pay off the mortgage?
c. If the monthly payments were set at $998, calculate the size of the final payment.
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