Paris has a mortgage of $820,000 through the RBC for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 3.3% compounded monthly for a term of 3 years, amortized over 25 years. At the end of the 3-year term, Paris will renew the mortgage for another 3-year term at a new, lower interest rate of 3.1% 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? P/Y = I/Y = P1 = % P/Y = 2) What is the balance when the mortgage is renewed? I/Y = C/Y = PV = $ % PMT= $ (enter the rounded value into the calculator) P2 = 3) What will be the new end of month payments after the mortgage is renewed? C/Y = PV = $ N = PMT = $ FV = $ BAL= $ Enter a positive value. N = FV = $

Paris has a mortgage of $820,000 through the RBC for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 3.3% compounded monthly for a term of 3 years, amortized over 25 years. At the end of the 3-year term, Paris will renew the mortgage for another 3-year term at a new, lower interest rate of 3.1% 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? P/Y = I/Y = P1 = % P/Y = 2) What is the balance when the mortgage is renewed? I/Y = C/Y = PV = $ % PMT= $ (enter the rounded value into the calculator) P2 = 3) What will be the new end of month payments after the mortgage is renewed? C/Y = PV = $ N = PMT = $ FV = $ BAL= $ Enter a positive value. N = FV = $

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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