# A $40,000 mortgage loan charges interest at 6.6% compounded monthly for a four-year term. Monthly payments were

## Question:

a. What will be the principal balance at the end of the first term?

b. What will be the monthly payments on renewal for a three-year term if they are calculated for an interest rate of 7.2% compounded monthly and an 11-year amortization period, but again rounded to the next higher $10?

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