A mortgage balance of 29 000 is to be repaid over a 15 year

Last updated: 4/6/2023

A mortgage balance of 29 000 is to be repaid over a 15 year term by equal monthly payments at 7 8 compounded semi annually At the request of the mortgagor the monthly payments were set at 400 a How many payments will the mortgagor have to make b What is the size of the last payment c Determine the difference between the total amount required to amortize the mortgage with the contractual monthly payments rounded to the nearest cent and the total actual amount paid