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Calculate the balance owing on the mortgage at the end

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A $148,000 mortgage loan carries an interest rate of 6.2% compounded semiannually, a five-year term, and a 30-year amortization period. Payments will be made at the end of every month. (Do not round the intermediate calculations. Round your answers to 2 decimal places.)

Question a. Calculate the balance owing on the mortgage at the end of the five-year term.

Question b. What will be the monthly payments if the loan is renewed for another five-year term at 7% compounded semiannually and the original amortization period is continued?

Reference no: EM132589911

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