Question: IMPORTANT: Please ensure you know it so well before you solve it. and FORMULA use will be preferred. Thanks for helping out. Elizabeth purchased a

IMPORTANT: Please ensure you know it so well before you solve it. and FORMULA use will be preferred. Thanks for helping out.

Elizabeth purchased a house for $475,000. He made a down payment of 25.00% of the value of the house and received a mortgage for the rest of the amount at 5.42% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 5 year period.

a. Calculate the monthly payment amount.

b. Calculate the principal balance at the end of the 5 year term.

c. Calculate the monthly payment amount if the mortgage was renewed for another 5 years at 4.92% compounded semi-annually?

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