annually Unless otherwise indicated assume monthly payments

Last updated: 6/17/2023

annually Unless otherwise indicated assume monthly payments are made Unless otherwise indicated assume the interest rate remains constant during the amortization period ur answers can be entered directly on this assignment but please hand in all rough work as ell Most lending institutions allow mortgage payments to be made monthly bi monthly twice a month or weekly Most even allow accelerated weekly mortgage payments With this option the weekly payment is calculated as a monthly payment divided by 4 1 a Complete this table for the mortgage defined above The equivalent interest rate interest for each compounding period has been calculated for you as discussed in section 6 4 in your text The Interest saved is the difference between the Total intere paid for monthly compounding and the Total interest paid for the compounding perio being calculated Payment Equivalent Number Total Frequency Interest rate Monthly 3 957 Bi monthly 3 954 Weekly 3 952 Accelerated 3 952 weekly payments number per year payments 1137 Payment Total amount paid Total interest paid Interest saved 0