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Original mortgage balance

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1. A loan of $19 850.00 is to be repaid in quarterly payments of $620.00. How many payments are required to repay the loan at 6.5% compounded quarterly?

2. A 21-year mortgage is amortized by making payments of $3052.61 at the end of every three months. If interest is 8.45% compounded annually, what was the original mortgage balance?

3. Kelsey bought a car priced at $19 700.00 for 10% down and equal monthly payments for 4.5 years. If interest is 8.22% compounded semi-annually, what is the size of the monthly payment?

Reference no: EM132724282

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