A $145,000 mortgage loan carries an interest rate of 5.2% compounded semiannually, a five-year term, and a
Question:
A $145,000 mortgage loan carries an interest rate of 5.2% compounded semiannually, a five-year term, and a 30-year amortization period. Payments will be made at the end of every month.
a. Calculate the balance owing on the mortgage at the end of the five-year term.
b. What will be the monthly payments if the loan is renewed for another five-year term at 7% compounded semiannually and the original amortization period is continued?
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Given a The payments form an ordinary general annuity Substitute into formula 102 and solve for PMT ...View the full answer
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Related Book For 
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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