Answer:
The original amount of the mortgage was $66231.45.
Step-by-step explanation:
In order to find the original amount of the mortgage, you can use the following formula to calculate the present value:
PV=FV/(1+r/n)^nt
PV=present value
FV=future value= 775*12*12=111.600
r=rate of interest=0.0440
n= number of compounding periods= 2
t= time in years=12
Now, you can replace the values on the formula:
PV=111600/(1+(0.0440/2))^2*12
PV=111600/(1.022)^24
PV=111600/1.685
PV=66231.45
According to this, the answer is that the original amount of the mortgage was $66231.45.
