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A Mortgage for $120,000 is amortized over 25 years, interest is 4.15%, compounded semi-annually, for a 5-year term, and payments are monthly; Calculate the monthly
A Mortgage for $120,000 is amortized over 25 years, interest is 4.15%, compounded semi-annually, for a 5-year term, and payments are monthly;
- Calculate the monthly payment.
- Calculate the balance at the end of 5-year term.
- Calculate the monthly payment if the mortgage is renewed for 4-year term at 3.95% compounded semi-annually.
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