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gewusel gewusel
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6 years ago
A 21-year mortgage is amortized by making payments of $3052.61 at the end of every three months. If interest is 8.45% compounded annually, what was the original mortgage balance?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
PMT = 3052 .61, i = 0.0845, n = 21 × 4 = 84, c = 
p =  - 1 = 0.0204868
PVg = 3052.61  = 3052.61(39.925945) = $121 178.36
wrote...
4 years ago
This is the wrong answer. Answer is $121878.36
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