Five years ago Cedric and Zoe purchased a home and got a 345

Last updated: 8/14/2023

Five years ago Cedric and Zoe purchased a home and got a 345 741 mortgage with a 20 year amortization at 3 interest compounded semi annually and biweekly payments The term of the mortgage is now over and they are renewing on the same amortization timeline for another five year term at 4 75 interest compounded semi annually and monthly payments For full marks your answer should be rounded to the nearest cent a What is the balance remaining after the first term Balance 0 00 b How much are the new payments for the second term Payment 0 00