A mortgage for a condominium had a principal balance of $43,500 that had to be amortized over the remaining period of 7 years. The interest rate was…

A mortgage for a condominium had a principal balance of $43,500 that had to be amortized over the remaining period of 7 years. The interest rate was fixed at 5.12% compounded semi-annually and payments were made monthly.

a. Calculate the size of the payments.

Round up to the next whole number.

b. If the monthly payments were set at $767, by how much would the time period of the mortgage shorten?

year(s)

months

c. If the monthly payments were set at $767, calculate the size of the final payment.

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