What is the size of each quarterly payment

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Question: NY Brotherhood Inc. bought a property valued at $87 300.00 for $17 000.00 down and a mortgage amortized over 17 years. The firm makes equal payments due at the end of every three months. Interest on the mortgage is 6.85% compounded annually and the mortgage is renewable after five years. 

a) What is the size of each quarterly payment?

b) What is the outstanding principal at the end of the five-year term?

c) What is the cost of the mortgage for the first five years?

Reference no: EM133433735

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