Jiefei has a mortgage for $444,763.00. The term of the mortgage is 3 years, and...
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Jiefei has a mortgage for $444,763.00. The term of the mortgage is 3 years, and the amortization period is 20 years. Jiefei will make monthly payments and the mortgage rate is 1) - 10.000%. a) When the mortgage term expires Jiefe takes out a new mortgage for the outstanding balance still owing. Except for the amount, the new mortgage has exactly the same terms (interest rate, term, amortization period, etc.) as the original mortgage. What are her new monthly payments? $ b) Jiefei refinances her mortgage after 1 years (without penalty). The new mortgage has exactly the same terms (term, amortization period, etc.) as the original mortgage except for the amount and the interest rate. The amount is the outstanding balance still owing on the original mortgage, and the new interest rate is 1 = 9.000%. What are the the new monthly payments? $
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