Li bought a house in Whitby for $$3050005$ years ago.He made a down payment of $$46000$ and financed the house through Scotia Bank with a mortgage amortized over $25$ years. Interest for the first $5$ years was $4\mathrm{.}4\%$ compounded semi$-$annually and payments were made monthly. At the end of the $5$ year term, Li has renewed the mortgage for another $5$ years, at $3\mathrm{.}7\%$ compounded semi$-$annually. What is the monthly payment for the second term?

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To find the monthly payment for the second term of Lis mortgage we can use the formula for calcul... View the full answer