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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
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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