Question: Devin purchased a house for $ 3 2 5 , 0 0 0 . She made a downpayment of 1 5 % of the value

Devin purchased a house for $325,000. She made a downpayment of 15% of the value of the house and received a mortgage for the rest of the amount at 4.50% compounded semi-annually for 20 years. The interest rate was fixed for a 5-year term.
a. Calculate the size of the monthly payments. b. Calculate the principal balance at the end of the 5-year term. c. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 4.25% compounded semi-annually?

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