Stefano takes out a 5-year mortgage for $1,100,000 at an interest rate of i(12) = 4.750%. The amortization period is 15 years and he will make weekly payments. After 1 year the rate changes to i(12) = 5.750%. What is the outstanding balance at the end of the term (5 years) of the mortgage (taking into account the change in rates!)?

Answer rating: 100% (QA)

The outstanding balance at the end of the term of the mortgage can be calculated as follows Outstand... View the full answer