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Sam takes out a $900,000.00 mortgage with a term of 3 years and an amortization period of 20 years. The interest rate on the mortgage
Sam takes out a $900,000.00 mortgage with a term of 3 years and an amortization period of 20 years. The interest rate on the mortgage is 7.500% compounded bi-weekly and he will make weekly payments. How much does he still owe when the term is over?
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a.
$834,699.31.
b.
$909,822.25.
c.
$1,001,639.17.
d.
$884,781.27.
e.
$759,576.37.
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