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What are your bi-weekly payments

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Reference no: EM132668301

You want to buy a home for the price of $350,000. You have suficient funds for a 15% down payment. The bank is offering you a mortgage rate of 5% for a 25 year mortgage, and you will pay bi-weekly.

Please show any calculations used to solve.

a) What are your bi-weekly payments

b) Separate your 70th monthly payment into interest and principal portions.

c) If at your 70th payment, you put a lump sum of $10 000 on your mortgage and your interest rate remains steady, how many years do you have left on your mortgage?

Reference no: EM132668301

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