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Solve the principal balance at the end of five year term

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Ali purchased a house for $425,000. He made a down payment of 25.00% of the value of the house and received a mortgage for the rest of the amount at 5.12% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 5 year period.

Question A. Calculate the monthly payment amount.

Question B. Calculate the principal balance at the end of the 5 year term.

Question C. Calculate the monthly payment amount if the mortgage was renewed for another 5 years at 4.32% compounded semi-annually? Round to the nearest cent for all answers

Reference no: EM132587862

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