Correct Answers

a)$1605.46

b)$1483.98

Please answer in detail and show all work, use formulas and show which formulas are being used

Eduardo has a mortgage for 5359,143.00. The temm of the merigape is 4 years, end the arnortination period is 25 years. Edicardo will make monthly payments and the mortgage rate is f is 3 . 3500N. a) When the mortgage term expires Eduardo takes out a new mortgage for the outstanding balance atill owing. Ercept for the amount, the new mortgage has exacty the same terms (interest rate, term, amortization period, ete) as the orighal mortgage. What are his new monithy papments? s b) Couardo refonances his mortgage after 3 years (without nenaty). The new mortgage has exacty the same thems (termy amortigation neriod, efel as the orighal mortgage excent for the arrount and the interest rate. The amount is the oututanding balance stik ewing on the orighe morfgsge, and the new interest fate is rithr a 2500%. What are the the new monthly payments 1