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As part of the purchase of a home on January 1, 2014, you negotiated a...

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Finance

As part of the purchase of a home on January 1, 2014, you negotiated a mortgage in the amount of $110 000. The amortization period for calculation of the level payments (principal and interest) was 25 years and the initial interest rate was 6% compounded semi-annually. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

a) What was the initial monthly payment? Monthly payment $

b) During 20142018 inclusive (and January 1, 2019) all monthly mortgage payments were made as they became due. What was the balance of the loan owing just after the payment made January 1, 2019? Balance after 5 years $

c) At January 1, 2019 (just after the payment then due) the loan was renegotiated at 8% compounded semi-annually (with the end date of the amortization period unchanged). What was the new monthly payment? New monthly payment $

d) All payments, as above, have been faithfully made. How much of the September 1, 2019, payment will be principal and how much represents interest? PSeptember $ ISeptember $

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