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The monthly payments for the first four-year term of a $619,705 mortgage loan were based on a 30-year amortization period. The interest rate on the
The monthly payments for the first four-year term of a $619,705 mortgage loan were based on a 30-year amortization period. The interest rate on the mortgage was 8.25% compounded semiannually. Do not include the dollar sign in the blanks below. For example, $5,673.45 input as 5,673.45 1. What was the size of the monthly payment? 2 . What was the principal balance at the end of the four-year term? 3. What would be the size of the monthly payment upon renewal at 4% compounded semiannually now amortized over 26 years?
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