Annette's New Home Purchase Fun Facts

a.)

What is the bi-weekly compounded rate of interest that is equivalent to 4.40% compounded semi-annually?

b.)

How large are her bi-weekly payments?

c.)

What was the total amount of interest paid on the mortgage?

Answers:

a.) The bi-weekly compounded rate of interest that is equivalent to 4.40% compounded semi-annually is 1.1%.

b.) Annette's bi-weekly payments are $8,151.65.

c.) The total amount of interest paid on the mortgage is $9,445,640.20.

Let's Dive into Annette's Home Purchase Adventure!

Isn't it exciting that Annette has just purchased a new home for $741,059? Let's break down some fun facts about her purchase:

First up, the bi-weekly compounded rate of interest that is equivalent to Annette's mortgage rate of 4.40% compounded semi-annually is 1.1%. This means she'll be paying interest at a rate of 1.1% every two weeks.

Now, onto her bi-weekly payments - they come out to a cheerful $8,151.65. Annette can enjoy making these payments bi-weekly as she watches her home equity grow!

Lastly, the total amount of interest paid on the mortgage over the next 24 years amounts to a whopping $9,445,640.20. Annette will be investing not just in her home but also in the joy of homeownership!

Annette's home purchase journey is filled with excitement and financial growth. She's all set to create new memories and build equity in her dream home!