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can someone please answer both parts Wing Sze has a mortgage for $265,878.00. The term of the mortgage is 5 years, and the amortization period
can someone please answer both parts
Wing Sze has a mortgage for $265,878.00. The term of the mortgage is 5 years, and the amortization period is 25 years. Wing Sze will make weekly payments and the mortgage rate is r = 5.000%. a) When the mortgage term expires Wing Sze 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 her new weekly payments? $ 1022.61 X b) Wing Sze refinances her mortgage after 4 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 1) = 3.250%. What are the the new weekly payments? $ 33.23 XStep by Step Solution
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