A mortgage for a condominium had a principal balance of $43,600 that had to be...
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A mortgage for a condominium had a principal balance of $43,600 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 3.92% compounded semi-annually and payments were made monthly. Full solutions should be shown on separate sheets of paper. Submit your solutions. a. Calculate the size of the payments. Round up to the next whole number b. If the monthly payments were set at $744, by how much would the time period of the mortgage shorten? b. If the monthly payments were set at $744, by how much would the time period of the mortgage shorten? year(s) months
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