The balance on a mortgage was $49,800 and an interest rate of 3.25% 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. Round up to the next whole number b. If the monthly payments were set at $1,050, 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 c. If the monthly payments were set at $1,050, calculate the size of the final payment. Round to the nearest cent

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.