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Find the amount of principal re-paid

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You take out a 30-year, 200,000 mortgage loan with a nominal interest rate of 9%. You are scheduled to pay off the mortgage with level annual end-of-month amortization payments. Immediately after the 78th payment, you re-finance the mortgage with a new 15 year mortgage at a nominal rate of 6% compounded semi-annually. The new mortgage requires semi-annual payments at the end of each 6 months. Find the amount of principal re-paid in the 12th payment under the new re-financed mortgage.

Reference no: EM133116429

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