Thursday
December 18, 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.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - You have just purchased a house and have obtained a 30-year, $200,...
accounting - House mortgage You have just purchased a house and have obtained a...
math - Ever wonder how much a house “actually” costs? Consider Alex and Sabrina ...
math - A person purchased a $250000 home 5 years ago. he paid 20% down and ...
Accounting - I need to enter the following into Journal Enteries a) Borrowed $12...
Math - Personal Finance - Ina is negotiating a mortgage of $145 000 for her new ...
Accounting 1 - May 1 Danny and Mary Jane deposited $50,000 into business ...
math - Say i have a mortgage of 200,000. One bank offers 5.oo%. The other offers...
consumer math grade 12 - jesse buys a 150 000 house and will make a 30 000 down ...
Finite Math - Laurie and Craig have purchased a new home. They paid $25,000 down...

Search
Members