A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest...

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A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. (a) What is the size of the monthly payments? (b) How much interest is paid during the first year? (c) How much of the principal is repaid during the first five-year term? (d) If the mortgage is renewed for a further five-year term at 5.24% compounded semi- annually, what will be the size of the monthly payments? (e) Construct a partial amortization schedule showing details of the first three payments for each of the two five-year terms. Complete the schedule for the first three payments of the first five-year term. Complete the schedule for the first three payments of the second five-year term. A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. (a) What is the size of the monthly payments? (b) How much interest is paid during the first year? (c) How much of the principal is repaid during the first five-year term? (d) If the mortgage is renewed for a further five-year term at 5.24% compounded semi- annually, what will be the size of the monthly payments? (e) Construct a partial amortization schedule showing details of the first three payments for each of the two five-year terms. Complete the schedule for the first three payments of the first five-year term. Complete the schedule for the first three payments of the second five-year term.

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