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Calculate the size of the monthly payments

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Chad purchased a house for $450,000. He made a downpayment of 25% of the value of the house and received a mortgage for the rest of the amount at 5.75% compounded semi-annually for 25 years. The interest rate was fixed for a 5-year term.

Calculate the size of the monthly payments.

Calculate the principal balance at the end of the 5-year term.

Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 5.50% compounded semi-annually?

Reference no: EM132699465

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