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Boris has a mortgage for $256,056.00. The term of the mortgage is 4 years, and the amortization period is 15 years. Boris will make weekly

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Boris has a mortgage for $256,056.00. The term of the mortgage is 4 years, and the amortization period is 15 years. Boris will make weekly payments and the mortgage rate is r(2) = 5.500%. a) When the mortgage term expires Boris takes out a new mortgage for the outstanding balance still owing. Except for the amount, the new mortgage has exactly the same terms (interest rate, term, amortization period, etc.) as the original mortgage. What are his new weekly payments? $ b) Boris refinances his mortgage after 2 years (without penalty). The new mortgage has exactly the same terms (term, amortization period, etc.) as the original mortgage except for the amount and the interest rate, The amount is the outstanding balance still owing on the original mortgage, and the new interest rate is 12) = 5.250%. What are the the new weekly payments? S Certainty : CC=1 (Unsure: 6796) C=3(Quite sure: > 80%)

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