Question: 1 . Derek purchased a house for $ 4 5 0 , 0 0 0 . He made a down payment of 2 5 .
Derek purchased a house for $ He made a down payment of of the value of the house and received a mortgage for the rest of the amount at compounded semiannually amortized over years. The interest rate was fixed for a year period.
a Calculate the monthly payment amount.
Round to the nearest cent
b Calculate the principal balance at the end of the year term.
Round to the nearest cent
c Calculate the monthly payment amount if the mortgage was renewed for another years at compounded semiannually?
Round to the nearest cent
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