Moreno Ryan
07/01/2023 · Primary School
A \( \$ 160,000 \) mortgage is to be repaid over a 20 -year period by end of the month payments rounded up to the next-higher \( \$ 100 \). Interest is \( 5.44 \% \) 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 payments up to the next-higher \( \$ 100 \). (a) The number of monthly payments require to repay the mortgage is 237 ... (Round up to the nearest whole number.) (b) The size of the last payment is \( \$ \square \). (Round to the nearest cent as needed.)
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