question archive Suresh has a mortgage for $756,308
Suresh has a mortgage for $756,308
Subject:AccountingPrice: Bought3
Suresh has a mortgage for $756,308.00. The term of the mortgage is 5 years, and the amortization period is 25 years. Suresh will make monthly payments and the mortgage rate is r(365) = 6.000%. The bank offers Suresh a flexible repayment plan, so once a year he can miss a payment or make a payment twice as large as usual. Each year, Suresh doubles the first payment of the year. a) How much would Suresh owe at the end of the mortgage term if they didn't double any payments? $ b) How much does Suresh still owe at the end of the mortgage term (including the extra/missed payments)? $
