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A $ 8 9 , 0 0 0 mortgage is to be amortized by making monthly payments for 1 5 years. Interest is 6 .

A $89,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 6.8% compounded semi-annually for a six-year term.(a)Compute the size of the monthly payment.Determine the balance at the end of the six-year term.(c)If the mortgage is renewed for a six-year term at 3% compounded semi-annually, what is the size of the monthly payment for the renewal term?A $89,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 6.8% compounded semi-annually for a six-year term.(a)Compute the size of the monthly payment.Determine the balance at the end of the six-year term.(c)If the mortgage is renewed for a six-year term at 3% compounded semi-annually, what is the size of the monthly payment for the renewal term?

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