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A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e)
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of the principal is repaid during first five-year term? The amount of the principal repaid during the first five-year term is $ (Round to the nearest cent as needed.) (d) If the mortgage is renewed for a further five-year term at 5.24% compounded semi-annually, what will be the size of the monthly payments? The size of the monthly payments is $ (Round to the nearest cent as needed.) (e) Construct a partial amortization schedule showing details of the first three payments for each of the two five-year terms. Complete the schedule for the first three payments of the first five-vear term
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