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A $40,000 mortgage loan charges interest at 6.6% compounded monthly for a four-year term. Monthly ...

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A $40,000 mortgage loan charges interest at 6.6% compounded monthly for a four-year term. Monthly ...

A $40,000 mortgage loan charges interest at 6.6% compounded monthly for a four-year term. Monthly payments were calculated for a 15-year amortization and then rounded up to the next higher $10.

a) What will be the principal balance at the end of the first term?
b) What will the monthly payments be on renewal for a three-year term if it is calculated for an interest rate of 4.2% compounded monthly and an 11-year amortization period, but again rounded to the next higher $10?

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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