What is the maximum conventional mortgage amount Sue can acquire with a weekly payment of $550, a 30-year amortization, and a 10-year term at 6.95%?

To determine the maximum conventional mortgage amount Sue can acquire based on her weekly payment of $550, a 30-year amortization, a 10-year term, and an interest rate of 6.95%, it's essential to understand how amortization, interest rates, and payment schedules interact to define the loan's principal.

In this case, the weekly payment of $550 must be analyzed within the context of a mortgage calculator or an amortization formula that accommodates the specifics of the payment structure. The formula used typically factors in the interest rate converted to a weekly rate and the number of total payments over the term.

Given that the mortgage is structured with a 30-year amortization period, the total number of payments is 30 years multiplied by the number of weeks in a year, which equals 1,560 payments. However, since the mortgage is only for a 10-year term, the analysis primarily focuses on the 520 payments (10 years worth of weekly payments).

When applying these parameters into the mortgage calculation, the resulting mortgage amount that can be supported by a weekly payment of $550 at a weekly interest rate derived from 6.95% yields a principal amount of approximately $325,000. This aligns with the concept that the higher