The Melnyks are nearing the end of the first three-year term of a $250,000 mortgage loan with
Question:
The Melnyks are nearing the end of the first three-year term of a $250,000 mortgage loan with a 20-year amortization. The interest rate has been 6.7% compounded semiannually for the initial term. How much will their monthly payments decrease if the interest rate upon renewal is 5.7% compounded semiannually and the original amortization period is continued?
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Step by Step Answer:
Step 1 Calculate the payment for the first 3year term Step 2 Calculate the balance after 3 years ...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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