What are the end of month payments before the renewal

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Reference no: EM133346172

Question: Darnell has a mortgage of $530,000 through the Meridian Bank for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 4.7% compounded monthly for a term of 2 years, amortized over 24 years. At the end of the 2-year term, Darnell will renew the mortgage for another 2-year term at a new, lower interest rate of 4.4% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? P/Y = C/Y = N = I/Y = % PV = $ FV = $ PMT = $ (enter the rounded value into the calculator) 2) What is the balance when the mortgage is renewed? P1 = P2 = BAL = $ Enter a positive value. 3) What will be the new end of month payments after the mortgage is renewed? P/Y = C/Y = N = I/Y = % PV = $ FV = $ PMT = $

Reference no: EM133346172

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