Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your sisters Rebecca and Debra each just bought a house. Each sister paid $1,150,000 for the house. Each sister had a down payment of $300,000.
Your sisters Rebecca and Debra each just bought a house. Each sister paid $1,150,000 for the house. Each sister had a down payment of $300,000. Each sister got a mortgage with a 3-year term and a 25 amortization period. The rate on each mortgage was 5.2% compounded semiannually. Payments will be made weekly. 1) What is the amount of the Rebecca's weekly payment? 2) How much will Rebecca pay in interest during the 1st payment after the term has ended? The amount of interest paid in payment number 157. 3) Rebecca plans on making her required weekly payment during the life of the mortgage. How much will she owe on the mortgage at the end of the term? 4) How many years until Rebecca has paid off her mortgage? 5) How much will Rebecca pay in interest over the life of the mortgage? 6) Debra has decided to increase her weekly payments by $150 per week. She plans on making the increased payments until her mortgage is paid off. What is the amount of Debra's weekly payment? 7) How much will Debra pay in interest during the 1st payment after the term has ended? The amount of interest paid in payment number 157. 8) How much will Debra owe on the mortgage at the end of the term? 9) Debra will keep making the extra payment until she has paid off her mortgage. How many years will it take Debra to pay off her mortgage? 10) How much will Debra pay in interest over the life of the mortgage? After you have answered the questions above you are to create the following array (box) in the excel sheet that contains the answers
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started