Mathematics of Finance - MTH-120-020 Tuy Test 2 Th16mins Natasha has a mortgage of $520.000 through the Bank of Montreal for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 6% compounded monthly for a term of 3 years amortized over 20 years. At the end of the 3-year term Natasha will renew the mortgage for another year term at a new lower interest rate of 4.1% compounded monthly Round ALL answers to two decimal places if necessary 1) What are the end of month payments before the renewal of the mortgage? PAY CY NE * PV S TVS PMT enter the rounded value into the calculator 2) What is the balance when the mortgage is renewed PS P2 - BAL-5 Enter a positive value a positive value. 3) What will be the new end of month payments after the mortgage is renewed? . P/Y = CNY N = 1/4 = % PV = $ FV = $ PMT = $ Next