A

$89,000

mortgage is to be amortized by making

monthly

payments for

15

years. Interest is

3.1%

compounded

semi-annually

for a

seven-year

term.

(a)	Compute the size of the monthly payment.
(b)	Determine the balance at the end of the seven-year term.
(c)	If the mortgage is renewed for a seven-year term at 5% compounded semi-annually, what is the size of the monthly payment for the renewal term?

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Part 1

(a) The size of the monthly payment is

$enter your response here.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Part 2

(b) The balance at the end of the

seven-year

term is

$enter your response here.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Part 3

(c) The size of the monthly payment for the renewal term is

$enter your response here.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)