Sophie purchased a house for $325,000. She made a down payment of 10.00% of the value of

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Sophie purchased a house for $325,000. She made a down payment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 3.92% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 5 year period.

a.Calculate the monthly payment amount.

Round to the nearest cent

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

Round to the nearest cent

c.Calculate the monthly payment amount if the mortgage was renewed for another 5 years at 5.02% compounded semi-annually?

Round to the nearest cent

Posted Date: May 18, 2024 06:13 PM

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