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THE NEXT THREE ( 3 ) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Bruce is considering buying his dream home and has arranged a mortgage

THE NEXT THREE (3) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Bruce is considering buying his dream home and has arranged a mortgage loan with a face value of $700,000, an interest rate of j2=7.5%, an amortization period of 25 years, and a term of 3 years. He is considering three repayment plans with different payment frequencies:
Option 1: Constant monthly payments
Option 2: Biweekly payments
Option 3: Accelerated biweekly payments
All options require the mortgage payments to be rounded up to the next highest dollar.
15. If Bruce chooses Option 1, calculate the amount of principal repaid over the term, interest paid during the term, and the outstanding balance owing at the end of the term, respectively, rounded to the nearest dollar.
(1) $32,645;$151,711;$667,355
(2) $35,677;$152,403;$669,323
(3) $39,863;$149,187;$660,137
(4) $50,109;$149,571;$649,891
16. If Bruce chooses Option 2, calculate the amount of principal repaid over the term, interest paid during the term, and the outstanding balance owing at the end of the term, respectively, rounded to the nearest dollar.
(1) $34,645;$153,711;$662,355
(2) $50,109;$149,571;$649,891
(3) $39,863;$149,187;$660,137
(4) $32,677;$151,403;$667,323
17. If Bruce chooses Option 3, calculate the amount of principal repaid over the term, interest paid during the term, and the outstanding balance owing at the end of the term, respectively, rounded to the nearest dollar.
(1) $45,863;$139,187;$660,137
(2) $50,196;$149,562;$649,804
(3) $42,645;$131,711;$637,355
(4) $52,677;$159,403;$657,323
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