The Taylors agreed to monthly payments rounded up to the nearest $100 on a mortgage of $136,000.00 amortized over 15 years. Interest for the first five years was 8.5% 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.

Select one:

a. $120,384.77

b. $204,771.52

c. $102,384.77

d. $107,755.64

e. $120,785.36

How much principal is repaid in the first payment interval on a $100,000 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 6% compounded semi-annually.

Select one:

a. $400.86

b. $527.16

c. $493.86

d. $145.94

e. $639.81