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please help me answer this , please include each step Activity: Mortgage Gr.12 You have a pre-approved mortgage for $625 000. The current annual interest
please help me answer this , please include each step
Activity: Mortgage Gr.12 You have a pre-approved mortgage for $625 000. The current annual interest rate for five-year fixed term mortgage is 3.75%. 1) Determine the monthly payment for a 25-year amortization period. 2) Calculate the total amount paid for the mortgage. 3) Determine the monthly payment for a 15-year amortization period. 4) How much more is the monthly payment? 5) Calculate the total amount paid for the mortgage. 6) How much less will you pay by choosing a 15-year amortization period? 7) Determine the bi-weekly payment for a 25-year amortization period . 8) Calculate the total amount paid for the mortgage. 9) Determine the bi-weekly payment for a 15-year amortization period. 10) Calculate the total amount paid for the mortgage. 11) Why the last option cost you less money Step by Step Solution
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