The interest rate for the first three years of an $80,000 mortgage loan is 7.4% compounded semiannually.
Question:
a. What will be the principal balance at the end of the three-year term?
b. What will be the monthly payments if the loan is renewed at 6.8% compounded semiannually (and the original amortization period is continued)?
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a Given PMT 80000 n 12 25 300 i 742 37 c 212 i 2 1 i C 1 1037 1 00...View the full answer
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