A mortgage contract for $45,000 written 10 years ago is just at the end of its second five-year term. The interest rates were 8% compounded semiannually for the first term and 7% compounded semiannually for the second term. If monthly payments throughout have been based on a 25-year amortization, calculate the principal balance at the end of the second term.

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The Answer of A mortgage contract for $45,000 written 10 years ago is just at the end of its second five-year term. The interest rates were 8% compounded semiannually for the first term and 7% compounded semiannually for the second term. If monthly payments throughout have been based on a 25-year amortization, calculate the principal balance at the end of the second term.

A Mortgage Contract for $45,000 Written 10 Years Ago Is