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A new home was purchased in Niagara Fall s Butler Heights subdivision for $ 3 7 5 , 0 0 0 by Karen. The house
A new home was purchased in Niagara Falls Butler Heights subdivision for $ by Karen. The house is going to be financed by making a down payment of and financing the balance with a conventional mortgage. The mortgage is to be amortized over years with weekly payments. The rate chosen for the first four years of the mortgage is compounded semiannually. Show all work with formulas
a Determine the size of the weekly payments?
b What will the outstanding balance be after the first four years?
c Determine the size of the new weekly payment if after the first four year term she renews the mortgage using a fixed rate of compounded semiannually.
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