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b. The Hibbert family wishes to make a $35,000 prepayment at the end of the first term. What will their mortgage balance be after that prepayment is made? Round to nearest cent c. After the prepayment, what will the new weekly payment be in order for the mortgage to still take a total of 25 years? Round to nearest cent

b. The Hibbert family wishes to make a $35,000 prepayment at the end of the first term. What will their mortgage balance be after that prepayment is made? Round to nearest cent c. After the prepayment, what will the new weekly payment be in order for the mortgage to still take a total of 25 years? Round to nearest cent

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question 10 of 12 The Hibbert family has decided to purchase a $270,000 home and have taken a 25- year mortgage with interest at 6.00% compounded quarterly for the first 4-year term. The mortgage agreement calls for equal payments at the end of every week. Full solutions should be shown on separate sheets of paper. a. How large is each weekly payment? Round to nearest cent
Transcribed Image Text:Question 10 of 12 The Hibbert family has decided to purchase a $270,000 home and have taken a 25- year mortgage with interest at 6.00% compounded quarterly for the first 4-year term. The mortgage agreement calls for equal payments at the end of every week. Full solutions should be shown on separate sheets of paper. a. How large is each weekly payment? Round to nearest cent
b. The Hibbert family wishes to make a $35,000 prepayment at the end of the first term. What will their mortgage balance be after that prepayment is made? Round to nearest cent c. After the prepayment, what will the new weekly payment be in order for the mortgage to still take a total of 25 years? Round to nearest cent
Transcribed Image Text:b. The Hibbert family wishes to make a $35,000 prepayment at the end of the first term. What will their mortgage balance be after that prepayment is made? Round to nearest cent c. After the prepayment, what will the new weekly payment be in order for the mortgage to still take a total of 25 years? Round to nearest cent
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