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Rebecca has a mortgage of $ 8 8 0 , 0 0 0 through the RBC for a vacation property. The mortgage is repaid by
Rebecca has a mortgage of $ through the RBC for a vacation property. The mortgage is repaid by end of month payments with an interest rate of compounded monthly for a term of years, amortized over years. At the end of the year term, Rebecca will renew the mortgage for another year term at a new, lower interest rate of compounded monthly.
Round ALL answers to two decimal places if necessary.
What are the end of month payments before the renewal of the mortgage?
PY CY N
IY PV $ FV $
PMT $enter the rounded value into the calculator
What is the balance when the mortgage is renewed?
P P BAL $Enter a positive value.
What will be the new end of month payments after the mortgage is renewed?
PY CY N
IY PV $ FV $
PMT $
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