Solution-Calculate the size of the new monthly payment

Calculate the size of the new monthly payment

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Reference no: EM132999647

Question - A $30 000.00 mortgage is amortized by monthly payments over twenty years, and can be renewed after five years.

a) If the interest rate is 8.5% compounded semi-annually, what is the size of the monthly payment?

b) What is the outstanding balance at the end of the five-year term?

c) If the mortgage is renewed for a further three-year term at 8% compounded semi-annually, calculate the size of the new monthly payment.

d) Calculate the payout figure (the amount of money needed to completely pay off the loan), at the end of the three-year term.

Reference no: EM132999647

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Calculate the size of the new monthly payment

Reference no: EM132999647

Reference no: EM132999647

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