Seven years ago Aida and Abigail purchased a home and got a $699,600 mortgage with a 7-year
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Seven years ago Aida and Abigail purchased a home and got a $699,600 mortgage with a 7-year term and 20-year amortization at 4.75% interest compounded semi-annually with wookly payments. They are renewing their mortgage on the same amortization timeline for another seven year term at 6.50% interest compounded semi-annually and weekly payments.
For full marks your answer should be rounded to the nearest cent
a) What is the balance remaining after the first term?
b) How much are the new payments for the second torm?
c) What is the balance remaining after the second torm?
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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