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How do Compute the size of the monthly payment

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Reference no: EM132610693

A $86,000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 3.9% compounded semi-annually for a five-year term.

Question (a) Compute the size of the monthly payment.

Question (b) Determine the balance at the end of the five-year term.

Question (c) If the mortgage is renewed for a five-year term at 4% compounded semi-annually, what is the size of the monthly payment for the renewal term?

Reference no: EM132610693

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