A mortgage is set up for $115000 and is amortized over 25 years at 7.95% interest....

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

Expert Solution

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

jeff jeffy answered 2 years ago

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