(17) A donation of $2,000,000 is to be used to provide semi-annual scholarships. The first is awarded 2.5 years from now. Interest is 6% compounded monthly, what is the size of the scholarships? (18) A $300,000, 25 yr amortization mortgage with monthly payments. Interest is 5% compounded semi-annually. Show the first two and last two payments. (19) A $300,000 20 year mortgage with a 5 year term at 6% compounded semi-annually. (a) What is the size of the monthly payment? (b) What is the principal balance at the end of the term? (c) At the end of the term, the payment is increased by 15%, what is the new monthly payment? (d) How much is the amortization shortened by increasing the payment? (20) A $100,000 mortgage amortized 5 years with monthly payments. Interest is 6% compounded semi-annually. (a) Find the size of the payment rounded UP to the nearest $100. (b) Find the size of the final payment. (c) How much total interest did they pay?
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