The interest rate for the first four years of an $81,000 mortgage loan is 7.5% compounded semiannually. Monthly payments are calculated using a 20-year amortization. 8. What will be the principal balance at the end of the four-year term? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Principal balance b. What will be the monthly payments if the loan is renewed at 4.9% compounded semiannually (and the original amortization period is continued)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment $[ per month
The interest rate for the first four years of an $81,000 mortgage loan is 7.5% compounded semiannually. Monthly payments are calculated using a 20-year amortization. 8. What will be the principal balance at the end of the four-year term? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Principal balance b. What will be the monthly payments if the loan is renewed at 4.9% compounded semiannually (and the original amortization period is continued)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment $[ per month
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 15P
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