Question
MANUAL COMPUTATION. PLEASE ANSWER ASAP A mortgage for $250,000 amortized over 25 years. Interest is 1.6% p.a. compounded semi-annually for a 5 year term and
MANUAL COMPUTATION. PLEASE ANSWER ASAP
A mortgage for $250,000 amortized over 25 years. Interest is 1.6% p.a. compounded semi-annually for a 5 year term and payments are monthly. Answer the following questions in the designated input box. (format currency with $ sign, commas and two decimal places.)
1. compute the monthly payment.
2. compute the balance at the end of five year term
3. how much interest is paid in the five year term.
4. how much was paid in total in the five year term.
5. compute the monthly payment if the mortgage is renewed for a three year term at 2.1% compounded semi-annually?
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