Question: Thuan has a variable rate mortgage for $ 9 5 5 , 9 5 5 . 0 0 . The term of the mortgage is
Thuan has a variable rate mortgage for $ The term of the mortgage is years, and the amortization period is years. Thuan will make bi weekly payments and the mortgage rate is
a How much are the biweekly payments? $
b What is the outstanding balance at the end of years? $
c After years, the interest rate changes to but the payment amount stays the same. What is the outstanding balance at the end of the term of the mortgage? $
d What is the trigger rate for the mortgage after years Give the nominal rate compounded daily. Remember write not $
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