Initially, a mortgage loan of $225,000 with an interest rate of 5.75% and amortised over 25 years with a 5 year term was taken out. At the renewal time, the interest rate was reduced to 4.50%. If your client opts for a 3 year term this time, what will the balance at the end of this new term be?

QUESTION 15 Initially, a mortgage loan of $225,000 with an interest rate of 5.75% and amortised over 25 years with a 5 year term was taken out. At the renewal time, the interest rate was reduced to 4.50%. If your client opts for a 3 year term this time, what will the balance at the end of this new term be