The Taylors agreed to monthly payments rounded to the nearest $100 on a $136,000.00 mortgage amortized over 15 years. The interest for the first five years was 8.5% compounded semiannually. Determine the balance of the mortgage at the end of the five-year term. Tip: First, determine your required monthly mortgage payment and then round that payment to the nearest $100. Second, recalculate N.

Choose one:

a. $120,384.77

b. $204,771.52

C. $102,384.77

d. $107,755.64

mi. $120,785.36

How much principal is paid in the first payment interval on a $100,000, 25-year mortgage? The mortgage is amortized over 25 years and payments are monthly. The interest rate is 6% compounded semiannually.

Choose one:

a. $400.86

b. $527.16

C. $493.86

d. $145.94

mi. $639.81

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