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What will be the principal balance at the end

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The interest rate for the first four years of an $98,000 mortgage loan is 9.2% compounded semiannually. Monthly payments are calculated using a 20-year amortization.

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

Principal balance$

b.What will be the monthly payments if the loan is renewed at 6.6% compounded semiannually (and the original amortization period is continued)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Payment$ per month

Reference no: EM132589370

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