A mortgage of $169,900 was taken out when the 5-year mortgage interest rate was 3.2%...
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A mortgage of $169,900 was taken out when the 5-year mortgage interest rate was 3.2% compounded semi-annually. 50 months later, the 5-year mortgage interest rate has decreased to 2.5%. What would be the new blend-and-extend mortgage rate if this mortgage is refinanced for a new 5-year term? Select one: a. 6.80% b. 3.08% c. 6.18% d. 7.20% e. 2.61% The Taylors agreed to monthly payments rounded up to the nearest $100 on a mortgage of $336,000.00 amortized over 15 years. Interest for the first five years was 2.5% compounded semi-annually. Determine the mortgage balance at the end of the five-year term. Hint: First, determine the required monthly mortgage payment and then round that payment up to the nearest $100. Second, recalculate N. Select one: a. $265,785.36 b. $233,657.28 c. $102,384.77 d. $107,755.64 e. $220,384.77
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