A $ mortgage is to be amortized by making payments for years. Interest is compounded for a -year term.

(a)

Compute the size of the monthly payment.

(b)

Determine the balance at the end of the -year term.

(c)

If the mortgage is renewed for a -year term at % compounded what is the size of the 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 -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.)

A $86,000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 3.7% 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? (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 seven-year 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.)