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Lionel purchased a house for $325,000. He made a downpayment of 15.00% of the value of the house and received a mortgage for the rest of the amount at 5.32% compounded semi-annually amortized over 15 years. The interest rate was fixed for a 5 year period.
Question a. Calculate the monthly payment amount.
Option 1: $2,222.45
Option 2: $2,214.38
Option 3: $2,230.62
Option 4: $7,413.99
Question b. Calculate the principal balance at the end of the 5 year term.
Option 1: $206,275.67
Option 2: $207,027.14
Option 3: $207,787.88
Option 4: $266,781.00
Question c. Calculate the monthly payment amount if the mortgage was renewed for another 5 years at 3.12% compounded semi-annually?
Option 1: $2,001.34
Option 2: $2,016.01
Option 3: $2,008.63
Option 4: $2,588.38
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