A $176 000

question 59

Essay

A $176 000.00 mortgage is to be repaid over a 21-year period by monthly payments rounded up to the next higher $100.00. Interest is 9.44% compounded semi-annually.
a) Determine the number of rounded payments required to repay the mortgage.
b) Determine the size of the last payment.

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Definitions:

Human Relations Approach

A management perspective that emphasizes the importance of understanding human motivations, needs, and relationships in the workplace.

Organisational Behaviour

A field of study that investigates how individuals, groups, and structure affect and are affected by behavior within organizations, aiming to apply such knowledge toward improving an organization's effectiveness.

Individuals and Groups

Refers to the study and understanding of how people behave and interact within a group setting in organizational contexts.

Maslow's Theory

A psychological framework proposing a hierarchy of human needs, from basic (physiological) needs to higher-level needs like self-actualization, influencing motivation.