A $248 000.00 mortgage amortized by monthly payments over 35 years is renewable after five years. Interest is 8.12% compounded semi-annually.
a) What is the size of the monthly payments?
b) How much interest is paid during the first year?
c) How much of the principal is repaid during the first five-year term?
d) If the mortgage is renewed for a further five-year term at 7.16% compounded semi-annually, what will be the size of the monthly payments?

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The Answer of A $248 000.00 mortgage amortized by monthly payments over 35 years is renewable after five years. Interest is 8.12% compounded semi-annually.
a) What is the size of the monthly payments?
b) How much interest is paid during the first year?
c) How much of the principal is repaid during the first five-year term?
d) If the mortgage is renewed for a further five-year term at 7.16% compounded semi-annually, what will be the size of the monthly payments?