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A $ 1 0 0 , 0 0 0 mortgage is to be amortized by making monthly payments for 1 5 years. Interest is 8
A $ mortgage is to be amortized by making monthly payments for years. Interest is compounded semi annually for a fiveyear term.
a
Compute the size of the monthly payment.
b
Determine the balance at the end of the fiveyear term.
c
If the mortgage is renewed for a fiveyear term at compounded semi dash annually what is the size of the monthly payment for the renewal term?
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