The interest rate for the first five years of a $29,000 mortgage loan was 3.45% compounded...

 

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The interest rate for the first five years of a $29,000 mortgage loan was 3.45% compounded semiannually. The monthly payments computed for a 10-year amortization were rounded to the next higher $10. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the principal balance at the end of the first term. Principal balance 2$ b. Upon renewal at 5.95% compounded semiannually, monthly payments were calculated for a five-year amortization and again rounded up to the next $10. What will be the amount of the last payment? Final payment %24 The interest rate for the first five years of a $29,000 mortgage loan was 3.45% compounded semiannually. The monthly payments computed for a 10-year amortization were rounded to the next higher $10. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the principal balance at the end of the first term. Principal balance 2$ b. Upon renewal at 5.95% compounded semiannually, monthly payments were calculated for a five-year amortization and again rounded up to the next $10. What will be the amount of the last payment? Final payment %24

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