A $176 000.00 mortgage is to be repaid over a 21-year period by monthly payments rounded up to the next higher $100.00. Interest is 9.44% compounded semi-annually.
a) Determine the number of rounded payments required to repay the mortgage.
b) Determine the size of the last payment.
Correct Answer:
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- 1 = 0.0077...View Answer
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