A mortgage for a condominium had a principal balance of $45,300 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 3.32% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $605 O $1,004 O $599 O $612
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- A mortgage for a condominium had a principal balance of $44, 700 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 4.42% 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 $808, by how much would the time period of the mortgage shorten? year(s) monthsA mortgage for a condominium had a principal balance of $43,800 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 4.52% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. b. If the monthly payments were set at $845, by how much would the time period of the mortgage shorten? c. If the monthly payments were set at $845, calculate the size of the final payment.A mortgage for a condominium had a principal balance of $46,400 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 3.72% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $720 O $1,175 O $711 O $729 b. If the monthly payments were set at $820, by how much would the time period of the mortgage shorten? O O years and 9 months O 1 years and 10 months o 4 years and 6 months o 5 years and 8 months c. If the monthly payments were set at $820, calculate the size of the final payment. O $1,036.19 O $605.00 O $216.85 O $52,295.11
- A mortgage for a condominium had a principal balance of $41,400 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.02% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. b. If the monthly payments were set at $636, by how much would the time period of the mortgage shorten? year(s) months c. If the monthly payments were set at $636, calculate the size of the final payment.A mortgage for a condominium had a principal balance of $48,400 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 4.32% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. $0 Round up to the next whole number b. If the monthly payments were set at $998, by how much would the time period of the mortgage shorten? 0 year(s) c. If the monthly payments were set at $998, calculate the size of the final payment. Round to the nearest cent 0 months $0.00A mortgage for a condominium had a principal balance of $42,600 that had to be amortized over the remaining period of 4 years. The interest rate was fixed at 5.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. Round up to the next whole number b. If the monthly payments were set at $1,139, by how much would the time period of the mortgage shorten? year(s) months c. If the monthly payments were set at $1,139, calculate the size of the final payment. Round to the nearest cent
- A mortgage for a condominium had a principal balance of $40,800 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 5.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $664 O $1,295 O $657 O $672The balance on a mortgage was $45,000 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $939, how long would it take to pay off the mortgage? o years o months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $939, calculate the size of the final payment.The balance on a mortgage was $48,200 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. b. If the monthly payments were set at $998, how long would it take to pay off the mortgage? c. If the monthly payments were set at $998, calculate the size of the final payment.
- The balance on a mortgage was $43,200 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. SO Round up to the next whole number b. If the monthly payments were set at $1,454, how long would it take to pay off the mortgage? 0 years 0 months Express the answer in years and months, rounded to the next payment period c. If the monthly payments were set at $1,454, calculate the size of the final payment. $0.00 Round to the nearest centA mortgage for a condominium had a principal balance of $47,400 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 3.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. SO Round up to the next whole number b. If the monthly payments were set at $829, by how much would the time period of the mortgage shorten? 0 year(s) c. If the monthly payments were set at $829, calculate the size of the final payment. $0.00 0 months Round to the nearest centThe balance on a mortgage was $42,600 and an interest rate of 4.25% compounded semi-annually was charged for the remaining 3-year term. Monthly payments were made to settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $1,412, how long would it take to pay off the mortgage? Express the answer in years and months, rounded to the next payment period (C). If the monthly payments were set at $1,412, calculate the size of the final payment.