A variable - rate mortgage of $ 1 1 6 comma 0 0 0 is amortized over
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Question:
A variablerate mortgage of $ comma is amortized over years by equal monthly payments. After months the original interest rate of compounded semi dash annually was raised to compounded semi dash annually. Three years after the mortgage was taken out, it was renewed at the request of the mortgagor at a fixed rate of compounded semi dash annually for a fouryear term.
a Calculate the mortgage balance after months.
b Compute the size of the new monthly payment at the rate of interest.
c Determine the mortgage balance at the end of the fouryear term.
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Part
a The mortgage balance is $
enter your response here after months.
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
Part
b The size of the new monthly payment is $
enter your response here.
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
Part
c The mortgage balance is $
enter your response here.
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