Five years ago, the Pandeys purchased a house and took out a mortgage of $900,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The...


Five years ago, the Pandeys purchased a house and took out a mortgage of<br>$900,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79%<br>compounded semi-annually for a 5-year term. The bank calculated their monthly<br>payment should be $4,164.<br>How much would the final payment be assuming the same interest rate over the 25<br>years?<br>O $3,648.37<br>O $4.671.20<br>$3,639.94<br>$507.20<br>O $3.656.80<br>

Extracted text: Five years ago, the Pandeys purchased a house and took out a mortgage of $900,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calculated their monthly payment should be $4,164. How much would the final payment be assuming the same interest rate over the 25 years? O $3,648.37 O $4.671.20 $3,639.94 $507.20 O $3.656.80

Jun 02, 2022
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