2. 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. 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? (5 marks)

Hint 1: First compute the size of the monthly payment.

Hint 2: Then determine the balance at the end of the 3-year term

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