3. Kareem Adiagbo buys a house for $285,000. He pays $60,000 down and takes out a...

3. Kareem Adiagbo buys a house for $285,000. He pays $60,000 down and takes out a mortgage at 6.5% compounded bi-weekly on the balance. Find his bi-weekly payment and the total amount of interest he will pay if the length of the mortgage is 15 years. Fill the following amortization table for the first two payments. What is the amount against the principal in the second payment? What is the balance at the end of the second period? What is the balance owing on the mortgage loan after 4 years?

Expert Solution

orchestra answered 2 years ago

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