Rebecca bought a house in Oshawa and took a $259 000 mortgage amortized by monthly payments...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Rebecca bought a house in Oshawa and took a $259 000 mortgage amortized by monthly payments over 25 years that is renewable atter 5 years. If interest is 4.4% compounded semi annually, what is the outstanding balance at the end of the five year term? If the mortgage is renewed for a further 5 year term at 3.7% compounded semi-annually, what is the balance after the second 5 year term? $384 796 34 $184 796.54 $284 796.54 $184 796,54 Rebecca bought a house in Oshawa and took a $259 000 mortgage amortized by monthly payments over 25 years that is renewable atter 5 years. If interest is 4.4% compounded semi annually, what is the outstanding balance at the end of the five year term? If the mortgage is renewed for a further 5 year term at 3.7% compounded semi-annually, what is the balance after the second 5 year term? $384 796 34 $184 796.54 $284 796.54 $184 796,54
Expert Answer:
Answer rating: 100% (QA)
Hope it helps you So lution giver we have Loan amout PV 2 590o also gvir tate io compourded se... View the full answer
Posted Date:
Students also viewed these mathematics questions
-
Consider a call option with the following characteristics: Stock price: $90.32 Exercise price: $74.51 Risk-free rate: 5.9%, compounded continuously Maturity: 159 days (assume there are 365 days in a...
-
A $198 000 mortgage amortized by monthly payments over 20 years is renewable after 5 years. Interest is 4.65% compounded semi-annually. (a) What is the size of the monthly payments? (b) How much...
-
A $50 000 mortgage is amortized by monthly payments over 20 years. If interest is 4.29% compounded semi-annually, how much interest will be paid during the first 3 years?
-
Implement two versions of the RESULT(s, a) function for the 8-puzzle: one that copies and edits the data structure for the parent node s and one that modifies the parent state directly (undoing the...
-
The article Hospitals Dispute Medtronic Data on Wires (The Wall Street Journal, February 4, 2010) describes several studies of the failure rate of defibrillators used in the treatment of heart...
-
The actuary of the Hudson Company has provided the following information concerning the companys defined benefit pension plan at the end of 2007: Fair value of plan assets (1/1/2007)...
-
The horizontal portion of the wire in Figure P28.76 has a length \(\ell=0.100 \mathrm{~m}\), and position \(\mathrm{P}\) is a perpendicular distance \(d=30.0 \mathrm{~mm}\) above the center of the...
-
On December 1, Marzion Electronics Ltd. has three DVD players left in stock. All areidentical all are priced to sell at $150. One of the three DVD players left in stock, withserial #1012, was...
-
a) Having graduated with a bachelor of commerce finance option, you have been requested to discuss with other employees in finance department on three ways that are used to describe real estate....
-
Consider the following parlor game to be played between two players. Each player begins with three chips: one red, one white, and one blue. Each chip can be used only once. To begin, each player...
-
What logistic difficulties do you expect in gathering all necessary data regarding academic achievement and leadership styles? Explain.
-
Briefly explain what an oligopoly is. Provide some real-life examples of oligopolies.
-
Why is game theory needed to study oligopolies, but not perfectly competitive markets?
-
Could a decision tree be used to illustrate the prisoners dilemma?
-
Why are there two definitions of a monopoly, a narrow and a broader one?
-
Why is a monopolists demand curve the same as the market demand curve for its product? Why does this differ from the perfect competition case?
-
=0.9488=1 22) you are planning to take a 50,000 Riyals loan from SNB Bank. If the interest rate on this loan is 7% APR and the loan will be paid in 48 monthly payments, how much will the monthly...
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
A small company wishes to setup a fund that can be used for technology purchases over thenext6years. Their forecast is for \($12\),000 to be needed at the end of year 1, decreasing by \($2\),000 each...
-
An easy payment plan offered by a local electronics store for your new audio system calls for payments of $2,000, $2,500, $3,000, and $3,500 at the ends of years 1 through 4, respectively. Your money...
-
A person you trust asks you to loan them \($2\),000 at the end of year 1, \($1\),000 at the end of year 2, nothing in year 3, and then they will pay you \($1\),000 in year 4, \($2\),000 in year 5,...
Study smarter with the SolutionInn App