A 22-year mortgage is amortized by payments of $1,761.50 made at the end of each month....

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Question

A 22-year mortgage is amortized by payments of $1,761.50 made at the end of each month. If interest is 9.65% compounded semi-

Answer 1

Answer #1

e. $195,313.78

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

A C 1 Monthly payment Term(years) No. of monthly repayment Annual interest rate Semi-annual interest rate Monthly interest ra

Cell reference -

В C 1 Monthly payment Term(years) No. of monthly repayment Annual interest rate Semi-annual interest rate Monthly interest ra

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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