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A $45000 mortgage is amortized by monthly payments over twenty years and is renewable after five years. a) If the interest rate is 7.7% compounded
A $45000 mortgage is amortized by monthly payments over twenty years and is renewable after five years. a) If the interest rate is 7.7% compounded semi-annually, calculate the outstanding balance at the end of the five-year term. b) If the mortgage is renewed for a further three-year term at 6% compounded semi-annually, calculate the size of the new monthly payment.
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