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  3. 1 p e x heather has a mortgage of $680,000 through

1 P E X Heather has a mortgage of $680,000 through the Bank of Montreal...

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Accounting

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1 P E X Heather has a mortgage of $680,000 through the Bank of Montreal for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.9% compounded monthly for a term of 2 years, amortized over 15 years. At the end of the 2-year term, Heather will renew the mortgage for another 2-year term at a new, lower interest rate of 5.3% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? C/Y = P/Y= I/Y = % PV = $ P1 = PMT = $ (enter the rounded value into the calculator) 2) What is the balance when the mortgage is renewed? P2= N = FV = $ BAL= $ Enter a positive value. TAVE rave Ra 1 2) What is the balance when the mortgage is renewed? X P1 = P/Y= P2= 3) What will be the new end of month payments after the mortgage is renewed? C/Y= I/Y = % PV = $ BAL= $ Enter a positive value. PMT= $ N= FV = $ TA

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