Transcribed image text: A) A Canadian mortgage of $ 275,000 was taken out exactly 4 years ago. The amortization of this debt is calculated there (4 years ago) over a period of 25 years. The guaranteed rate for 4 years, at that time, was 3.2% per annum. We have to renew the mortgage today and our intention is to choose a 5 year term for which the annual rate is currently 3.6%. Payments have been weekly for the past four years, but now we want to make monthly payments for the next five years. a) Calculate the payment for the next 5 years. b) Calculate the mortgage balance in exactly 5 years from today. B) The balance of a Canadian mortgage, contracted 5 years ago (originally amortizing over 25 years) is $ 300,000 today. The rate was 3% per year. The payments were monthly. What was the amount of the original mortgage 5 years ago?
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