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Condo Mortgage A $375,400 condo mortgage at 2
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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