A $120,000 mortgage is amortized over 25 years. If interest on the mortgage is 5.5 percent...

Question

Question

A $120,000 mortgage is amortized over 25 years. If interest on the mortgage is 5.5 percent compounded semi-annually, calculat

Answer 1

Answer #1

A. $732.47

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

A В с 1 $120,000.00 2 Loan Amount Term (years) Annual interest rate Semi-annual rate Monthly interest rate No. of monthly rep

Cell reference -

A В C 1 Loan Amount Term (years) Annual interest rate Semi-annual rate Monthly interest rate No. of monthly repayment 120000

Hope this will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.

Answer 2

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