cent compounded annually? Ans.: $2655, 3-4 A home mortgage extends for 20 yersat 8 percent interest compounded nondily. The paypients are alsomade montlıly. After how many months is half of the...

A home mortgage extends for 20 years at 8 percent interest compounded monthly, the payments are also made monthly , after how many months is half of the principal paid off

Extracted text: cent compounded annually? Ans.: $2655, 3-4 A home mortgage extends for 20 yersat 8 percent interest compounded nondily. The paypients are alsomade montlıly. After how many months is half of the principał paid off? Ans.: 164 months. 3:5 A lender offers a 1-year loan at what he calls 8 perçent interest but reguirss the in terest