In: Finance
A mortgage is set up for $115000 and is amortized over 25 years at 7.95% interest. Approximate the following payments:) a) monthly b) semi-monthly c) weekly d) biweekly e) accelerated weekly
Formula Used:
Notes:
Weekly payment accelerated:
You still make 52 mortgage payments a year if you have an
accelerated weekly mortgage payment, but the size of the payment is
significantly lower than the payment of weekly mortgage payment.
8Your monthly loan is divided by four and charged every week with
this payment option. So total payments are 12*44 = 48