Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. jiefei has a mortgage for $444,763.00. the term of

Jiefei has a mortgage for $444,763.00. The term of the mortgage is 3 years, and...

70.2K

Verified Solution

Question

Finance

image
Jiefei has a mortgage for $444,763.00. The term of the mortgage is 3 years, and the amortization period is 20 years. Jiefei will make monthly payments and the mortgage rate is 1) - 10.000%. a) When the mortgage term expires Jiefe takes out a new mortgage for the outstanding balance still owing. Except for the amount, the new mortgage has exactly the same terms (interest rate, term, amortization period, etc.) as the original mortgage. What are her new monthly payments? $ b) Jiefei refinances her mortgage after 1 years (without penalty). The new mortgage has exactly the same terms (term, amortization period, etc.) as the original mortgage except for the amount and the interest rate. The amount is the outstanding balance still owing on the original mortgage, and the new interest rate is 1 = 9.000%. What are the the new monthly payments? $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The real short-term risk-free rate is 1.5% and expected to stay constant. The inflation rate is...

Finance
Q

Would you like to explain more to me relate with Course Mechanical Behaviour in 50-70 word a....

Mechanical Engineering
Q

f 7 For the function f x y sin 3x 3y find dx of 7...

Calculus
Q

Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash...

Accounting
Q

On September 17 2013 Z a component of the lentity according to generally accepted accounting...

Accounting
Q

Question Help 0 On June 30, 2018, Clooney Printers purchased a printer for $58,000. It...

Accounting
Q

2016 2017 2018 Sales $ 135,987 $ 177,866...

Accounting
Q

o FAS 115 allows companies that dont intend on trading investments to make fast profits...

Accounting
Q

Show me the steps to solve by using excel Show all imagesShow all imagesShow...

Finance
Q

Cmo se puede relacionar el proyecto Live on Levi's con el marketing relacional? Qu nivel...

Accounting
Q

Finding the required interest rate Your parents will retire in 23 years. They currently have...

Finance
Q

*At least a 100 word count * What things do you need to do before...

Finance