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Question list A $85,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 7.3% compounded semi-annually for a seven-year term.
Question list A $85,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 7.3% compounded semi-annually for a seven-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the seven-year term. (c) If the mortgage is renewed for a seven-year term at 4% compounded semi-annually, what is the size of the monthly payment for the renewal term? Question 1 Question 2 (a) The size of the monthly payment is 9 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The balance at the end of the seven-year term is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Question 3 (c) The size of the monthly payment for the renewal term is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Question 4 Question 5 Question 6 Question 7 Question 8 Question 9
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