A $100,000 Mortgage at 6

question 56

Short Answer

A $100,000 mortgage at 6.75% compounded semi-annually with a 20-year amortization requires monthly payments. The mortgage allows the borrower to miss a payment once each year. How much will the amortization period be lengthened if the borrower misses the ninth payment? (The interest that accrues during the ninth month is converted to principal at the end of the ninth month.)

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Definitions:

Corporate Communications

The practice of managing and orchestrating all internal and external communications aimed at creating favorable point of view among stakeholders on which the company depends.

Global Economy

An interconnected marketplace without geographical limits, where goods, services, and labor flow across national borders.

Grunig's Two-Way Symmetrical Model

A public relations model that emphasizes mutual understanding and two-way communication between an organization and its publics.

Public Relations

Reiteration: A managed effort by companies or individuals to control or influence the way they are perceived by the public.