Duguid and Partners bought a property valued at $97500 for $18500 down and a mortgage amortized over 17 years. The firm makes equal payments due at the end of every three months. Interest on the mortgage is 8.05% compounded annually and the mortgage is renewable after five years.a) What is the size of each quarterly payment?b) What is the outstanding principal at the end of the five-year term?c) What is the cost of the mortgage for the first five years?d) If the mortgage is renewed for a further five years at 8.17% compounded semi-annually, what will be the size of each quarterly payment?
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