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Xenia has a mortgage for $727,303.00. The term of the mortgage is 4 years, and the amortization period is 15 years. Xenia will make monthly
Xenia has a mortgage for $727,303.00. The term of the mortgage is 4 years, and the amortization period is 15 years. Xenia will make monthly payments and the mortgage rate is 2) = 2.250%. a) When the mortgage term expires Xenia takes out a new mortgage for the outstanding balance still owing. The amortization period for the new mortgage is 11 years, and the term for the new mortgage is 4 years. The interest rate remains the same. What are her new monthly payments? $ b) Xenia refinances her mortgage after 3 years (without penalty). The new mortgage has amortization period 12 years, and term 1 years. The amount is the outstanding balance still owing on the original mortgage, and the new interest rate is f2) = 0.500%. What are the the new monthly payments? $
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