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Homework answers / question archive / Condo Mortgage  A $375,400 condo mortgage at 2

Condo Mortgage  A $375,400 condo mortgage at 2

Finance

Condo Mortgage 
A $375,400 condo mortgage at 2.967% compounded semi-annually is settled with monthly payments of $2051.86. 
Perform the following calculations without an amortization schedule. 
• What is the amortization period of the condo mortgage in years and months? (Include separate intermediate calculations.) 
• Instead of monthly payments, if accelerated bi-weekly payments of $1025.93 are made, what will be the amortization period in years and weeks? (Include separate intermediate calculations.) 
• How much interest will be saved if accelerated bi-weekly payments are made as stated above, instead of monthly payments? (Include separate calculations for final payment and total interest charged for each scenario). 
 

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