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THIS IS ALL THE SAME QUESTION Jennifer has a mortgage of $670,000 through the Bank of Montreal for a vacation property. The mortgage is repaid
THIS IS ALL THE SAME QUESTION
Jennifer has a mortgage of $670,000 through the Bank of Montreal for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.5% compounded monthly for a term of 2 years, amortized over 22 years. At the end of the 2-year term, Jennifer will renew the mortgage for another 2-year term at a new, lower interest rate of 3.5% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? 3) What will be the new end of month payments after the mortgage is renewed? \begin{tabular}{|c|c|c|} \hline P/Y=C/Y= & N= \\ PV=$Y=$ & FV=$ \\ PMT=$ \end{tabular}
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