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A $86,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 3.9% compounded semi-annually for a five-year term. (a) Compute

A $86,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 3.9% 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 4% compounded semi-annually, what is the size of the monthly payment for the renewalterm?

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