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Four years ago Cody and Mary purchased a home and got a $635,372 mortgage with a 30- year amortization at 5% interest compounded semi-annually
Four years ago Cody and Mary purchased a home and got a $635,372 mortgage with a 30- year amortization at 5% interest compounded semi-annually and weekly payments. The term of the mortgage is now over, and they are renewing on the same amortization timeline for a three- year term at 3.50% interest compounded semi- annually and biweekly payments. For full marks your answer should be rounded to the nearest cent. What is the balance remaining after the first term? Balance $0.00 How much are the new payments for the second term? Payment $0.00 =
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