Scenario 3:

house: $439,900

Use the following data- (5 marks)

a. 20% down a down-payment is made and the remaining amount must be borrowed

b. the rate of interest is 5%

c. payment frequency is weekly

d. the term of the mortgage is 5 years

e. the amortization period is 25 years

Calculate

1. your weekly mortgage payments,

2. the amount of interest paid for the term

3. the amount of interest for the amortization period

4. the total cost of your home at the end of the amortization period

5. any savings made due to the down payment and accelerated weekly payment

Scenario 4

Choose one of the mortgage terms (of your own choosing) and redo your calculations:

i.e., change one of the following: (5 marks) a. change the % of down-payment made and recalculate the remaining amount that must be borrowed (cant be more than 40% down payment!) b. the rate of interest is _% (cant be unreasonable go to the web and see what current mortgage rates are document your website where you got your information)

c. payment frequency is (choose weekly, bi-monthly or monthly)

d. the term of the mortgage is _ years e. the amortization period is _____ years