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What will be the monthly payments if the loan is renewed

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Reference no: EM132946318

The interest rate for the first five years of an $100,000 mortgage loan is 9.4% compounded semiannually. Monthly payments are calculated using a 20-year amortization.

Problem a. What will be the principal balance at the end of the five-year term? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Problem b. What will be the monthly payments if the loan is renewed at 6.8% compounded semiannually (and the original amortization period is continued)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Reference no: EM132946318

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