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Question - Lauren purchased a house for $475,000. He made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 3.52% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 4 year period.

a. Calculate the monthly payment amount.

b. Calculate the principal balance at the end of the 4 year term.

c. Calculate the monthly payment amount if the mortgage was renewed for another 4 years at 7.02% compounded semi-annually?

Reference no: EM133027178

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