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Kendra takes out a 5 year mortgage for $418,188.40. The amortization period is 15 years, the interest rate is r (12) = 7.150%, and she
Kendra takes out a 5 year mortgage for $418,188.40. The amortization period is 15 years, the interest rate is r(12) = 7.150%, and she will make weekly payments.
a) How much are her weekly payments?
b) How much does she still owe at the end of the mortgage term?
c) Fill in the last 3 rows of the mortgage amortization table.
d) When Kendra renews her mortgage at the end of the term, with the same term and the same amortization period, her weekly payments don't change! What is the nominal rate (compounded monthly) on her new mortgage?
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