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Kristen has a mortgage of $510,000 through the TD Canada Trust for a vacation property. The mortgage is repaid by end of month payments with
Kristen has a mortgage of $510,000 through the TD Canada Trust for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.6% compounded monthly for a term of 2 years, amortized over 23 years. At the end of the 2-year term, she will renew the mortgage for another 2.year term at a new, lower interest rate of 3.6% compounded monthly. Enter ONLY POSITIVE VALUES for ALL ANSWERS, rounded to two decimal places. 1) What are the end of month payments before the renewal of the mortgage? $ 2) What is the balance when the mortgage is renewed? S 3) What will be the new end of month payments after the mortgage is renewed? S
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