The interest rate for the first five years of a $35,000 mortgage loan was 4.05% compounded semiannually. The monthly pay
Posted: Mon Jul 11, 2022 12:46 pm
The interest rate for the first five years of a $35,000 mortgageloan was 4.05% compounded semiannually. The monthly paymentscomputed for a 10-year amortization were rounded to the next higher$10. (Do not round intermediate calculations and roundyour final answers to 2 decimal places.)a. Calculate the principal balance at the endof the first term.Principal balance $ b. Upon renewal at 6.55% compoundedsemiannually, monthly payments were calculated for a five-yearamortization and again rounded up to the next $10. What will be theamount of the last payment?Final payment $