A $200,000 Mortgage at 6

question 61

Short Answer

A $200,000 mortgage at 6.2% compounded semi-annually with a 25-year amortization requires monthly payments. The mortgage allows the borrower to "double up" on a payment once each year. How much will the amortization period be shortened if the mortgagor doubles the tenth payment?

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Definitions:

Job Embeddedness

Job embeddedness describes the extent to which an employee is tightly connected to their job and organization through networks, fit with their job and community, and what they would sacrifice if they left.

Organizational Citizenship Behaviors

Voluntary actions by employees that are not part of their formal job requirements but contribute to the effective functioning of the organization.

Job Descriptive Index

A survey instrument that measures employee satisfaction across five dimensions: work, pay, promotions, supervision, and coworkers.

Suspension

As part of a progressive disciplinary program, a suspension is a temporary layoff, usually with pay, when there is an ongoing investigation.