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Calculate the principal balance at the end of the first term

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The interest rate for the first four years of a $37,000 mortgage loan was 4.25% compounded semiannually. The monthly payments computed for a 8-year amortization were rounded to the next higher $10. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

Problem a. Calculate the principal balance at the end of the first term.

Problem b. Upon renewal at 6.75% compounded semiannually, monthly payments were calculated for a four-year amortization and again rounded up to the next $10. What will be the amount of the last payment?

Reference no: EM132946314

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