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Unless otherwise indicated assume monthly payments are made Unless otherwise indicated assume the interest rate...

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Basic Math

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Unless otherwise indicated assume monthly payments are made Unless otherwise indicated assume the interest rate remains constant during the amortization period Your answers can be entered directly on this assignment but please hand in all rough work as well Investigation 1 Shortening the Payment Period 23 marks Most lending institutions allow mortgage payments to be made monthly bi monthly twice a month or weekly Most even allow accelerated weekly mortgage payments With this option the weekly payment is calculated as a monthly payment divided by 4 1 a Complete this table for the mortgage defined above The equivalent interest rate of interest for each compounding period has been calculated for you as discussed in section 6 4 in your text The Interest saved is the difference between the Total interest paid for monthly compounding and the Total interest paid for the compounding period being calculated Payment Equivalent Number Total Frequency Interest payments number rate per year payments Monthly 3 957 Bi monthly 3 954 Weekly 3 952 Accelerated 3 952 1 1137 Payment Total ONGOING DEMONSTRATION amount paid Total interest paid Interest saved 0

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