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using Ba2 calculator Question 7 [8 points) Seven years ago Cedric and Bruce purchased a home and got a $453,254 mortgage with a 7year term
using Ba2 calculator Question 7 [8 points) Seven years ago Cedric and Bruce purchased a home and got a $453,254 mortgage with a 7year term and 20 year amortization at 7% interest compounded semly with weekly payments. They are renewing their mortgage on the same amortization timeline for a three-year term at 425% interest compounded semiannually and biweekly payments For full marks your answer should be rounded to the nearest cent a) What is the balance remaining after the first torm? Balance - $ 0.00 b) How much total interest was paid during the first tom? Interest -$ 0.00 c) How much total principal was paid down during the first term? Principal - $ 0.00 d) How much are the new payments for the second torm? Payment = $ 0.00 e) What is the balance remaining after the second term? Balance =$ 0.00 Question 7 [8 points) Seven years ago Cedric and Bruce purchased a home and got a $453,254 mortgage with a 7year term and 20 year amortization at 7% interest compounded semly with weekly payments. They are renewing their mortgage on the same amortization timeline for a three-year term at 425% interest compounded semiannually and biweekly payments For full marks your answer should be rounded to the nearest cent a) What is the balance remaining after the first torm? Balance - $ 0.00 b) How much total interest was paid during the first tom? Interest -$ 0.00 c) How much total principal was paid down during the first term? Principal - $ 0.00 d) How much are the new payments for the second torm? Payment = $ 0.00 e) What is the balance remaining after the second term? Balance =$ 0.00
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