A $305,000 mortgage at 5.00% compounded semi-annually was settled with monthly payments of $2,300. a. What is the amortization period for the mortgage? b. How much will the amortization period be...


A $305,000 mortgage at 5.00%<br>compounded semi-annually was settled<br>with monthly payments of<br>$2,300.<br>a. What is the amortization period for the<br>mortgage?<br>b. How much will the amortization period<br>be shortened by if bi-weekly payments of<br>$1,200 are made instead of the monthly<br>payments?<br>

Extracted text: A $305,000 mortgage at 5.00% compounded semi-annually was settled with monthly payments of $2,300. a. What is the amortization period for the mortgage? b. How much will the amortization period be shortened by if bi-weekly payments of $1,200 are made instead of the monthly payments?

Jun 07, 2022
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