Tariq bought a commercial property valued at $130 000 for $26 000.00 down and a mortgage amortized over 25 years. He makes equal payments due at the end of every month. Interest on the mortgage is 4.1% compounded semi-annually and the mortgage is renewable after five years. What is the cost of the mortgage for the first five years?

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The Answer of Tariq bought a commercial property valued at $130 000 for $26 000.00 down and a mortgage amortized over 25 years. He makes equal payments due at the end of every month. Interest on the mortgage is 4.1% compounded semi-annually and the mortgage is renewable after five years. What is the cost of the mortgage for the first five years?

Tariq Bought a Commercial Property Valued at $130 000 for $26