Determine the balance at the end of the seven-year term

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Question - A $90,000 mortgage is to be amortized by making monthly payments for 15 years. Interest is 4.5% compounded semi-annually for a seven-year term.

(a) Compute the size of the monthly payment.

(b) Determine the balance at the end of the seven-year term.

(c) If the mortgage is renewed for a seven-year term at 9?% compounded semi-annually, what is the size of the monthly payment for the renewal term?

Reference no: EM132786659

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