A $100,000 Mortgage at 6

question 8

Short Answer

A $100,000 mortgage at 6.8% compounded semi-annually with a 20-year amortization requires monthly payments. The mortgage allows the mortgagor to "double up" on a payment once each year. How much will the amortization period be shortened if the borrower doubles the eighth payment?

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Termination

The act of bringing something to an end or the process of being ended.

Nondiscriminatory

Treating all people equally without bias or prejudice.

Indirect Format

A structure for presenting information that does not directly state the main point at the beginning, often used to build suspense or interest.

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