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Abigail purchased a house for $375,000. He made a down payment of 25.00% of the value of the house and received a mortgage for the
Abigail purchased a house for $375,000. He made a down payment of 25.00% of the value of the house and received a mortgage for the rest of the amount at 3.02% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 6 year period.
a. Calculate the monthly payment amount.
b. Calculate the principal balance at the end of the 6 year term.
c. Calculate the monthly payment amount if the mortgage was renewed for another 6 years at 4.22% compounded semi-annually?
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