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can someone answer all parts please Keiko buys a house by making a down payment of $100,000.00 and taking out a mortgage for $400,000.00. The
can someone answer all parts please
Keiko buys a house by making a down payment of $100,000.00 and taking out a mortgage for $400,000.00. The term of the mortgage is 3 years, and the amortization period is 25 years. Keiko will make bi-weekly payments and the mortgage rate is r(52) = 5.750%. a) How much are the bi-weekly payments? $ b) If Keiko wants to reduce the bi-weekly payments to $1,000.00, how much would the down payment have to be? $ C) If another bank offers Keiko an equivalent mortgage (original down payment, same term, amortization period, payment periods) but with $1,133.37 bi-weekly payments, what nominal interest rate r(52) are they charging? % (Remember, write 3.456 not 0.03456!)Step by Step Solution
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