Question: Exam Question 15 (4 points) Word Problem Question 2: (You have to submit an image of your FULL solution to the question in eConestoga ->

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Question 15 (4 points) Word Problem Question 2: (You have to submit an image of your FULL solution to the question in eConestoga -> Course Tools -> Assignments [Final Exam Submission]) The monthly payments for the first three-year term of a $320,000 mortgage loan were based on a 25-year amortization period. The interest rate on the mortgage was 5.2% compounded semiannually. 1. What was the size of the monthly payment? 2 . What was the principal balance at the end of the three-year term? 3. What would be the size of the monthly payment upon renewal at 5.8% compounded semiannually now amortized over 22 years

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