# A $28 000 mortgage is amortized by quarterly payments over 20 years. The mortgage is renewable after

## Question:

(a) What is the size of the quarterly payments?

(b) How much interest will be paid during the first year?

(c) What is the balance at the end of the 3-year term?

(d) If the mortgage is renewed for another three years at 7% compounded annually, what will be the size of the quarterly payments for the renewal period?

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**Related Book For**

## Contemporary Business Mathematics with Canadian Applications

**ISBN:** 978-0133052312

10th edition

**Authors:** S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs