A$150,000 mortgage amortized by monthly payments over 25

Last updated: 8/6/2022

A$150,000 mortgage amortized by monthly payments over 25 years is renewable after five years. (a) If interest is 6.04% compounded semi-annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 39th payment. (d) If the mortgage is renewed after five years at 7.52% compounded semi-annually, what is the size of the month payment for the renewal period? (e) Construct a partial amortization schedule showing details of the first three payments for each of the two terms (a) The size of each monthly payment is $ 963.28 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The total interest paid is $ 8,875.46 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The interest included in the 39th payment is $1757/37 (Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed.)