A $190 000 mortgage is to be amortized by making monthly payments for 20 years. Interest is

Question:

A $190 000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 6.5% compounded semi-annually for a 3-year term.
(a) Compute the size of the monthly payment.
(b) Determine the balance at the end of the 3-year term.
(c) If the mortgage is renewed for a 5-year term at 7.25% compounded semi- annually, what is the size of the monthly payment for the renewal term?