Boost your Grades with us today!

solution

MULTIPLE CHOICE

A mortgage for a condominium had a principal balance of $49,300 that had to be amortized over the remaining period of 8 years. The interest rate was fixed at 3.62% compounded semi-annually and payments were made monthly.

a. Calculate the size of the payments, rounded up to the next whole number.

$592

$1,087

$587

$598

b. If the monthly payments were set at $692, by how much would the time period of the mortgage shorten?

1 years and 3 months

2 years and 4 months

7 years and 6 months

8 years and 8 months

c. If the monthly payments were set at $692, calculate the size of the final payment.

$865.05

-$519.99

$173.56

$86,249.29

Solution:

15% off for this assignment.

Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!

Why US?

100% Confidentiality

Information about customers is confidential and never disclosed to third parties.

Timely Delivery

No missed deadlines – 97% of assignments are completed in time.

Original Writing

We complete all papers from scratch. You can get a plagiarism report.

Money Back

If you are convinced that our writer has not followed your requirements, feel free to ask for a refund.