9. The interest rate for the first three years of an 580,000 mortgage loan is 74% compounded semiannually. Monthly payments are calculated using a 25-year amortization (PMT358023) a. What will be the principal balance at the end of the three-year term? (576 216 85 b. What will be the monthly payments if the loan is renewed at 48% compounded semiannually (and the original amortization period is continued)? (5465.99) 10. A $200,000 mortgage at 6.6% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage allows the borrower to prepay up to 10% of the original principal once each year. How much will the amortization period be shortened it on the first anniversary of the mortgage, the borrower makes (in addition to the regular payment) a prepayment of a 10,000? (45 months=3 years and 9 months) b.520,000? (82 months 6 years and 10 months)