A ​$96,000 mortgage is to be repaid over a fifteen​-year period by monthly payments rounded up to the​ next-higher $100. Interest is 7.7% compounded semi-annually. ​(a) Determine the number of rounded...



A ​$96,000 mortgage is to be repaid over a fifteen​-year period by monthly payments rounded up to the​ next-higher $100. Interest is 7.7% 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.










Jun 07, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here