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Erich just purchased a new residence for $150,000. He was able to make a down payment equal to 40% of the value of the residence, and the balance was mortgaged. The rate quoted by the bank was 6% compounded semi-annually. The mortgage has a 20 year amortization period and a five year term. Payments are made monthly at the end of each month. (Timeline not required) Required: Problem a) What will be the amount of each payment? Problem b) What will be the principal balance still owing at the end of the 5 year term? Problem c) Assume that five years have passed, and the term of the mortgage is up. Upon renegotiation, Erich made a lump sum deposit of $10,000 against the balance owing on the mortgage. He renegotiated the remaining balance at a lower rate of 5% compounded semi-annually while keeping the old payment amount. How many years will it take Erich to pay off the remaining balance?
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