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Calculate the size of the new monthly payments

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Problem - Anne purchased a condo for $450,000. She made a 25% down payment and received a mortgage for the rest of the amount at 2.75% compounded semi-annually with monthly payments and a 25 year amortization period. Calculate the size of the new monthly payments if the mortgage is renewed after 5 years at 2.25% compounded semi-annually.

Reference no: EM132926594

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