6) A mortgage of $26,500 is to be repaid by making payments of $1560 at the end of every six months. If interest is 7% compounded semi-annually, what is the term of the mortgage? (4 marks)
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6) A mortgage of $26,500 is to be repaid by making payments of $1560 at the...
A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $1,361.00. What is the rate of interest compounded semi-annually on the mortgage? Select one: a. 3.87% b. 16.74% c. 8.37% d. 7.74% e. 7.83%
4. A $180 000.00 mortgage is to be amortized by making monthly payments for 22.5 years. Interest is 7.2% compounded semi-annually for a four-year term. a) Compute the size of the monthly payment. b) Determine the balance at the end of the four-year term. c) If the mortgage is renewed for a five-year term at 8.66% compounded semi- annually, what is the size of the monthly payment for the renewal term?
Please help thank you. A $87,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 8.1% compounded semi-annually for a seven-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the seven-year term. (c) If the mortgage is renewed for a seven-year term at 7% compounded semi-annually, what is the size of the monthly payment for the renewal term? (a) The size of the monthly payment is...
A 21-year mortgage is amortized by making payments of $3,052.61 at the end of every month. If interest is 8.45% compounded semi-annually, what was the original mortgage balance? Select one: a. $342,119.36 b. $351,979.36 c. $363,506.77 d. $322,919.36 e. $362,111.36
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75 at the end of every six months over ten years. If interest is 6.7% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Jean receives annuity payments at the end of every six months. If she deposits these payments in an account earning interest at 9% compounded monthly, what is the equivalent semi-annually compounded rate of interest? What sum of money must be deposited at the end of every 3 months into an account paying 6% compounded monthly to accumulate to $25,000 in 10 years? Irina deposited $150 in a savings account at the end of each month for 60 months. If the...
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1154.26 at the end of every three months over five years. If interest is 7.6 % compounded monthly , what was the original loan balance?
A $92,000 mortgage is to be repaid over a ten-year period by monthly payments rounded up to the next-higher $100. Interest is 4.6% compounded semi-annually. (a) Determine the number of rounded payments required to repay the mortgage. (b) Determine the size of the last payment. (c) Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent.
How much principal is repaid in the first payment interval on a $100,000 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 6% compounded semi-annually.