question archive George Brown College CanadaMATH 1021 A $85000 mortgage is to be amortized by making monthly payments tor 20 years
George Brown College CanadaMATH 1021 A $85000 mortgage is to be amortized by making monthly payments tor 20 years
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George Brown College CanadaMATH 1021
A $85000 mortgage is to be amortized by making monthly payments tor 20 years. Interest is 4.6% compounded semi—annually for a six-yearterm.
(a) Compute the size of the month y payment.
(b) Determine the balance at the end of the sixsyear term.
(c) It the mortgage is renewed for a six—year term at 7% compounded semi—annually' what is the size of the monthly payment tor the renewal term?
(a) The size of the monthly payment is $ . (Round the ?nal answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) The balance at the end of the six—year term is 35 (Round the ?nal answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(c) The size of the monthly payment tor the renewal term is $ . (Round the ?nal answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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Answer:
(a) $540.35
(b) $67,021.44
(c) $1,139.43
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