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April 16, 2014

Homework Help: Math Help Please!!!

Posted by Nieda on Thursday, September 15, 2011 at 9:42am.

A couple purchased a house and signed a mortgage contract for $110,000 to be paid in “every second week “ installments over 25 years, at 3.0 %. The contract stipulates that after 3 years the mortgage will be renegotiated at the new prevailing rate of interest. Calculate:
a) The every second week payment for the initial 3-year period
b) The outstanding principal after 3 years.
c) The new payment ( now, once a month )after the 3 years, at 4.5 %

NOTE: mortgages rates in Canada are always compounded twice a year.

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