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1 . Derek purchased a house for $ 4 5 0 , 0 0 0 . He made a down payment of 2 5 .

1.Derek purchased a house for $450,000. He made a down payment of 25.00% of the value of the house and received a mortgage for the rest of the amount at 4.02% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 5 year period.
a. Calculate the monthly payment amount.
Round to the nearest cent
b. Calculate the principal balance at the end of the 5 year term.
Round to the nearest cent
c. Calculate the monthly payment amount if the mortgage was renewed for another 5 years at 3.62% compounded semi-annually?
Round to the nearest cent

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