nike has a mortgage of $640,000 through the rbc Bank for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 4.7% compounded monthly for a term of 3 years, amortized over 21 years. At the end of the 3-year term, nike will renew the mortgage for another 3-year term at a new, lower interest rate of 3.1% compounded monthly.

1) What are the end of month payments before the renewal of the mortgage?

P/Y =	C/Y =	N =
I/Y = %	PV = $	FV = $
	PMT = $ (enter the rounded value into the calculator)

2) What is the balance when the mortgage is renewed?

P1 =

P2 =

BAL = $ Enter a positive value.

3) What will be the new end of month payments after the mortgage is renewed?

P/Y =	C/Y =	N =
I/Y = %	PV = $	FV = $
	PMT = $