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I need help with these questions. Please indicate your full solution via by hand or Excel. Thank you. Erik purchased a house for $300,000. She
I need help with these questions. Please indicate your full solution via by hand or Excel. Thank you.
Erik purchased a house for $300,000. She made a down payment of 15.00% of the value of the house and received a mortgage for the rest of the amount at 3.92% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 4 year period. a. Calculate the monthly payment amount. Round to the nearest cent b. Calculate the principal balance at the end of the 4 year term. Round to the nearest cent c. Calculate the monthly payment amount if the mortgage was renewed for another 4 years at 6.42% compounded semi-annually? Round to the nearest centStep by Step Solution
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