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The Taylors agreed to monthly payments rounded up to the nearest $ 1 0 0 on a mortgage of $ 3 3 6 , 0

The Taylors agreed to monthly payments rounded up to the nearest $100 on a mortgage of $336,000.00 amortized over 15 years. Interest for the first five years was 2.5% compounded semi-annually. Determine the mortgage balance at the end of the five-year term. Hint: First, determine the required monthly mortgage payment and then round that payment up to the nearest $100. Second, recalculate N. a.
$102,384.77
b.
$265,785.36
c.
$107,755.64
d.
$233,657.28
e.
$220,384.77

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