Question: A mortgage contract for $43,000 written 10 years ago is just at the end of its second five-year term. The interest rates were 8%

A mortgage contract for $43,000 written 10 years ago is just at

A mortgage contract for $43,000 written 10 years ago is just at the end of its second five-year term. The interest rates were 8% compounded semiannually for the first term and 6% compounded semiannually for the second term. Calculate the principal balance at the end of the second term, assuming they reduce the amortization period to 20 years on renewal after the first five year term. (Round your answer to 2 decimal places.)

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