A $30 000.00 mortgage is amortized by monthly payments over twenty years and is renewable after five years.
a) If the interest rate is 8.5% compounded semi-annually, calculate the outstanding balance at the end of the five-year term.
b) If the mortgage is renewed for a further three-year term at 8% compounded semi-annually, calculate the size of the new monthly payment.
c) Calculate the payout figure at the end of the three-year term.

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The Answer of A $30 000.00 mortgage is amortized by monthly payments over twenty years and is renewable after five years.
a) If the interest rate is 8.5% compounded semi-annually, calculate the outstanding balance at the end of the five-year term.
b) If the mortgage is renewed for a further three-year term at 8% compounded semi-annually, calculate the size of the new monthly payment.
c) Calculate the payout figure at the end of the three-year term.

A $30 00000 Mortgage Is Amortized by Monthly Payments Over Twenty Years