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A variable - rate mortgage of $ 1 1 6 comma 0 0 0 is amortized over 2 0 years by equal monthly payments. After

A variable-rate mortgage of $116 comma 000 is amortized over 20 years by equal monthly payments. After 18 months the original interest rate of 7% compounded semi dash annually was raised to 8.8% compounded semi dash annually. Three years after the mortgage was taken out, it was renewed at the request of the mortgagor at a fixed rate of 7.1% compounded semi dash annually for a four-year term.
(a) Calculate the mortgage balance after 18 months.
(b) Compute the size of the new monthly payment at the 8.8% rate of interest.
(c) Determine the mortgage balance at the end of the four-year term.
Question content area bottom
Part 1
(a) The mortgage balance is $
enter your response here after 18 months.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Part 2
(b) The size of the new 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 3
(c) The mortgage balance is $
enter your response here.

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