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Helen purchased a house for $350,000. She made a down payment of 30.00% of the value of the house and received a mortgage for the
Helen purchased a house for $350,000. She made a down payment of 30.00% of the value of the house and received a mortgage for the rest of the amount at 4.42% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 3 year period.
a. Calculate the monthly payment amount.
b. Calculate the principal balance at the end of the 3 year term.
c. Calculate the monthly payment amount if the mortgage was renewed for another 3 years at 3.32% compounded semi-annually?
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