Chad has a mortgage of $740,000 through the tangerine Bank for a vacation Property. The mortgage is repaid by end of month payments with an interest rate of 4.3% compounded monthly for a term of 4 years, amortized over 20 Years. At the end of the 4 year term, Chad will renew the mortgage for another 4 year term at a new, lower interest rate of 3.5% compounded monthly.
1. What are the end of month payments before the renewal of the mortgage?
P/Y:-
C/Y:-
N:-
I/Y:-
PV:- $
FV:- $
PMT:- $
(enter the rounded value into calculator)
2. What is the balance when the mortgage is renewed?
P1:-
P2:-
BAL:- $
3. What will be the new end of month payments after the mortgage is renewed?
P/Y:-
C/Y:-
N:-
I/Y:-
PV:- $
FV:- $
PMT:- $