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A $180000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 5.62% compounded semi-annually for a 4-year term.

a) Compute the size of the monthly payment.

b) Determine the balance at the end of the 4-year term.

c) If the mortgage is renewed for a 5-year term at 5.30% compounded semi-annually, what is the size of the monthly payment for the renewal term?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92854254

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