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you have just negotiated a 5-year mortgage on $318,400 amortized over 25 years at a rate of 2.29% per year compounded semiannually. What is the
you have just negotiated a 5-year mortgage on $318,400 amortized over 25 years at a rate of 2.29% per year compounded semiannually. What is the outstanding principal at the end of the first 5 years?
Assume that at the end of the 5-year contract your remaining outstanding principal is $250,000. The interest rate on your mortgage is still 2.29% per year compounded semiannually, but you decide to switch to weekly payments (52 weeks per year). What is the amount of your weekly payment?
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