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A $86,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 4.2% compounded semi-annually for a five-year term. (a) Compute

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A $86,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 4.2% compounded semi-annually for a five-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the five-year term. (c) If the mortgage is renewed for a five-year term at 3% compounded semi-annually, what is the size of the monthly payment for the renewal term

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