A mortgage is repaid by payments of $1200, principal and interest, every 6 months. Interest is being charged at 10% compounded semi-annually. If the mortgage has 20 years to run, what sum of money will discharge the mortgage, when next payment is due?
2007-01-13 06:43:56 · 2 answers · asked by SHAILY 1 in Business & Finance ➔ Personal Finance
I'm a little bit confused. You are only making one mortgage payment of $1200 every six months? Is this a private mortgage? You don't give enough information for anyone here to tell you how much it would take to discharge the mortgage. You would need to get a payoff from whoever has your mortgage, because you could have a pre-payment penalty on this.
If you are making one payment every six months, then your next payment would be due six months from the time of your last payment.
2007-01-13 06:56:28 · answer #1 · answered by kelly h 3 · 0⤊ 0⤋
What is the original mortgage amount, and the original loan term?
2007-01-13 07:17:00 · answer #2 · answered by WiseOwl 2 · 0⤊ 0⤋