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How much would the time period of the mortgage shorten

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A mortgage for a condominium had a principal balance of $40,100 that had to be amortized over the remaining period of 6 yea rs. The interest rate was ?xed at 3.62% compounded semi-annually and payments were made monthly.

Problem a. Calculate the size of the payments.

Problem b. If the monthly payments were set at $770, by how much would the time period of the mortgage shorten?

Reference no: EM132771565

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