Question: Sam has a variable rate mortgage for $793,720.00. The term of the mortgage is 5 years, and the amortization period is 20 years. Sam will
Sam has a variable rate mortgage for $793,720.00. The term of the mortgage is 5 years, and the amortization period is 20 years. Sam will make weekly payments and the mortgage rate is i(26) = 6.000%.
a) How much are the weekly payments? $1310.60
b) What is the outstanding balance at the end of 3 years? $726202.24
c) After 3 years, the interest rate changes to 7.000%, but the payment amount stays the same. What is the outstanding balance at the end of the term of the mortgage?
Please show working, Solve for c, answer for a and b is provided but still solve it if possible
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