What is the size of the monthly payment for the renewal term, Finance Basics

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What is the size of the monthly payment for the renewal term

Problem

A $96,000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 8.6% compounded semi annually for a six year term.

1. Compute the size of the monthly payment.

2. Determine the balance at the end of the six-year term.

3. If the mortgage is renewed for a six year term at 3% compounded semi-annually, what is the size of the monthly payment for the renewal term?

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