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What is size of the monthly payment for the renewal period

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Question - A $180,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 5.62% compounded semiannually for a 4-year term.

a. Compute the size of the monthly payments.

b. Determine the balance at the end of the 4-year term.

c. If the mortgage is renewed for a 5-year term at 5.30% compounded semiannually, what is the size of the monthly payment for the renewal period?

Reference no: EM132604691

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