Jamison has a mortgage of $570,000 through the Scotiabank for a vacation property. The mortgage is...

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Jamison has a mortgage of $570,000 through the Scotiabank for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.7% compounded monthly for a term of 5 years, amortized over 15 years. At the end of the 5-year term, Jamison will renew the mortgage for another 5-year term at a new, lower interest rate of 5.2% 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= I/Y = P1 = PMT = $ (enter the rounded value into the calculator) 2) What is the balance when the mortgage is renewed? % P/Y = I/Y = PV = $ % P2= 3) What will be the new end of month payments after the mortgage is renewed? C/Y = PV = $ N = PMT = $ FV = $ BAL= $ Enter a positive value. N= FV = $ Jamison has a mortgage of $570,000 through the Scotiabank for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.7% compounded monthly for a term of 5 years, amortized over 15 years. At the end of the 5-year term, Jamison will renew the mortgage for another 5-year term at a new, lower interest rate of 5.2% 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= I/Y = P1 = PMT = $ (enter the rounded value into the calculator) 2) What is the balance when the mortgage is renewed? % P/Y = I/Y = PV = $ % P2= 3) What will be the new end of month payments after the mortgage is renewed? C/Y = PV = $ N = PMT = $ FV = $ BAL= $ Enter a positive value. N= FV = $

Answer rating: 100% (QA)

To calculate the endofmonth payments before the renewal of the mortgage you can use the PMT function ... View the full answer