E A Read aloud V Draw 3) The Brians agreed to monthly payments rounded up to the nearest $500.00 on a mortgage of $236 000.00 amortized over 10 years. Interest for the first five years was 8.5% compounded semi-annually. After 23 months, as permitted by the mortgage agreement, the Brians increased the rounded monthly payment by 25%. a) Determine the mortgage balance at the end of the five-year term. b) If the interest rate remains unchanged over the remaining term, how many more of the increased payments will amortize the mortgage balance? c) How much did the Taylors save by exercising the increase-in-payment option? 4) A $50 000.00 mortgage is amortized by monthly payments over twenty years and is renewable after five years. a) If the interest rate is 12.5% compounded semi-annually, calculate the outstanding balance at the end of the five-year term. b) If the mortgage is renewed for a further three-year term at 7% compounded semi-annually. calculate the size of the new monthly payment. c) Calculate the payout figure at the end of the three-year term. 5) A debt of $63 100.00 is repaid by payments of S4350.00 made at the end of every six months. Interest is 6,5% compounded quarterly. a) What is the number of payments needed to retire the debt? b) What is the cost of the debt for the first five years? c) What is the interest paid in the 11th payment? d) Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals. o