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(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) A $94,000 mortgage is to
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
A $94,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 7.4% compounded semi-annually for a six-year term. (a) Compute the size of the monthly payment. (b) Determine the balance at the end of the six-year term. (C) If the mortgage is renewed for a six-year term at 9% compounded semi-annually, what is the size of the monthly payment for the renewal termStep by Step Solution
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