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r A rental property was purchased and aer the down payment was made, $225,000 was mortgaged from the bank with an amortization period of 20
r A rental property was purchased and aer the down payment was made, $225,000 was mortgaged from the bank with an amortization period of 20 years. The interest rate was 3.25% compounded semiannually for a 6 year term. (12 marks) a) Determine the amount of the monthly payments. PN: cry: N: \"Y: PMT = (Round to two decimal places.) FV : b) Use the amortization worksheet in the nancial calculator to determine the total interest over the 20 years assuming nothing changes over the amortization period. P1: P2: INT 2 (Round to two decimal places.) c) Use the amortization worksheet in the nancial calculator to determine the balance and the principal paid at the end of the 6 year term. i) ElAL : (Round to two decimal places.) ll) PRN : (Round to two decimal places.)
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