Question
Anthony purchased a house for $400,000. She made a down payment of 10.00% of the value of the house and received a mortgage for the
Anthony purchased a house for $400,000. She made a down payment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 3.32% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 6 year period. a. Calculate the monthly payment amount. $2,050.55 Round to the nearest cent b. Calculate the principal balance at the end of the 6 year term. $147,639.60 Round to the nearest cent c. Calculate the monthly payment amount if the mortgage was renewed for another 6 years at 6.42% compounded semi-annually? Round to the nearest cent
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