Your bank has offered you a 250000 mortgage at 4 for a, Ask an Expert

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Your bank has offered you a $250,000 mortgage at 4% for a 5-year term and a 25-year amortization. You plan to make biweekly payments.(using 4- decimal places) A) What is you mortgage payment? B) At renewal time, you decide to repay the remaining balance in 10 years. Assume your mortgage stays the same, what will be your new mortgage payment? SHOW ALL YOUR WORKINGS.

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