A $198000 amortized by monthly payments over 20 years is renewable after 5 years. Interest is 4.65% compounded semi-annually
a) What is the size of the monthly payments?
b) How much interest is paid durring the first year?
c) How much of the principle is repaid during the first 5- year term?
d) If the mortage is renewed for a further 5-year term at 5.24% compounded semi annually, what will be the size of the monthly payments?
e) Construct a partial amortization schedule showing details of the first three payments for each of the two 5-year terms.