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Helen purchased a house for $450,000. She made a downpayment of 15% of the value of...

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Advance Math

Helen purchased a house for $450,000. She made a downpayment of15% of the value of the house and received a mortgage for the restof the amount at 5.50% compounded semi-annually for 15 years. Theinterest rate was fixed for a 5-year term.

a. Calculate the size of the monthlypayments.

Round to the nearest cent

b. Calculate the principal balance at the endof the 5-year term.

Round to the nearest cent

c. Calculate the size of the monthly paymentsif after the first 5-year term the mortgage was renewed for another5-year term at 5.25% compounded semi-annually?

Round to the nearest cent

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