The Taylors agreed to monthly payments rounded up to the nearest $100.00 on a years. Interest for the first five years was 8.5% compounded semi-annually. After 30 months, as permitted by the mortgage agreement, the Taylors increased the rounded monthly payment by 10%. How many fewer payments will the Taylors need to make to amortize the mortgage by increasing the payments? Select one: O a. 35 payments O b. 71 payments O c. 18 payments O d. 114 payments
The Taylors agreed to monthly payments rounded up to the nearest $100.00 on a years. Interest for the first five years was 8.5% compounded semi-annually. After 30 months, as permitted by the mortgage agreement, the Taylors increased the rounded monthly payment by 10%. How many fewer payments will the Taylors need to make to amortize the mortgage by increasing the payments? Select one: O a. 35 payments O b. 71 payments O c. 18 payments O d. 114 payments
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 17P
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