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A $ 9 9 , 0 0 0 mortgage is to be amortized by making monthly payments for 1 5 years. Interest is 5 .
A $ mortgage is to be amortized by making monthly payments for years. Interest is compounded semiannually for a sevenyear term.
a Compute the size of the monthly payment.
b Determine the balance at the end of the sevenyear term.
c If the mortgage is renewed for a sevenyear term at compounded semiannually, what is the size of the monthly payment for the renewal term?
a The size of the monthly payment is $
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
b The balance at the end of the sevenyear term is $
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
c The size of the monthly payment for the renewal term is $
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
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