A mortgage for $235 000 is amortized over 25 years. Interest is 4.6% p.a., compounded semiannually, for

Question:

A mortgage for $235 000 is amortized over 25 years. Interest is 4.6% p.a., compounded semiannually, for a 5-year term and payments are monthly.
(a) Compute the monthly payment.
(b) Compute the balance at the end of the 5-year term.
(c) Compute the monthly payment if the mort- gage is renewed for a 3-year term at 5.1% compounded semi-annually.

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