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Complete the following assignment and submit your work to the dropbox. your fic, ensure your name appears on the top of every page of your document and that all calculations have been double checked The cost to purchase a new condominium is $145000. The bank insists on a minimum down payment of $5000 and will grant you a mortgage for the remaining amount. The bank offers an interest rate of 6.1%a compounded semi-annually and an amortization of 25 years. Fill in the chart below with the details for each mortgage and then calculate the difference in interest paid between weekly payments and there a significant difference? Payment PY Frequency Number of Number of The Amount PMT Total Total payments payments amount of Paid Back Paid per yearin total each rincipal + over 25 payment Interest years Weekly Bi-weekly

factors that affect the length of time it take to pay off mortgage

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Home nert Page Layout Formulas Data Review View dd-Ins as Cut 11.A. A.--- 9- ずWrap Text E AutoSum ー E ゴText General copy ▼ チFormat Painter B l U. ㄧ˙ タ.Δ. -=- 還便困Merge & Center. $,%,,Ma conditional Format Cell Insert Delete Format Paste 2 ClearFe Select Edting Clipboard KL132 KF Font Styles KG KH KI KJ KM 115 116 PURCHASE PRICE DOWN PAYMENT LOAN RATE EFFECTIVE ANNUAL RATE 145000 5000 140000 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 6.1096 COMPOUNDED SEMI-ANNUALLY 6.1930% (1+0.061/2)^2-1 PAYMENT P/Y FREQUENCY PAYMENTS TOTAL AMOUNT PAIDBACK TOTAL INTEREST PAID PMT NUMBER OF OF PAYMENTS PER YEAR WEEKLY 52 1300 $ 211.81 S 2,75,355.48 $1,35,355.48 (25 X52) PMT(KI119/KH124,KI124,-K1117) KI124*KJ124 KL124-K1117 BI-WEEKLY 650 $423.73 $2,75,423.99 $1,35,423.99 (25 X 26) PMTK119/KH127,K1127,-K117) KI127 KJ127 KL127-K1117 IFEFRENCE IN TOTAL INTEREST PAID NO DIFFERENCE IS NOT SIGNIFICANT $68.52 KM127-KM124 NOTE ATOR 1 LOAN OPTIONS p, ,annuity CAP EXCEL FUNCTION PMT IS USED TO CALCULATE PMT ае 17-01-2019

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