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Wyatt purchased a home for $725,000 with a down payment of 16% and the rest amortized over 42 years with weekly payments. He secured an
Wyatt purchased a home for $725,000 with a down payment of 16% and the rest amortized over 42 years with weekly payments. He secured an interest rate of 3.45% compounded semi-annually for a 4 year term. What is the size of the weekly payments for the first 4 years? What will the size of the new weekly payments if he renewed for another 6 year term at 2.85% compounded monthly? Determine the size of the payments if he decided to change the frequency to bi-weekly instead of weekly.
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