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Jeremy purchased a house for $375,000. He made a down payment of 15.00% of the value of the house and received a mortgage for the
Jeremy purchased a house for $375,000. He made a down payment of 15.00% of the value of the house and received a mortgage for the rest of the amount at 7.02% compounded semi-annually amortized over 15 years. The interest rate was fixed for 3 year period. a. Calculate the monthly payment amount. Round to the nearest cent b. Calculate the principal balance at the end of the 3 year term. b. Calculate the principal balance at the end of the 3 year term. Round to the nearest cent c. Calculate the monthly payment amount if the mortgage was renewed for another 3 years at 3.92% compounded semi-annually? Round to the nearest cent
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