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a. You are arranging a $352,000 Canadian mortgage with a 27-year amortization period and a 6.9% posted interest rate. What is the monthly mortgage payment? (Do not round intermediate calculations. Round your answer to the nearest cent.)

a. You are arranging a $352,000 Canadian mortgage with a 27-year amortization period and a 6.9% posted interest rate. What is the monthly mortgage payment? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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a. You are arranging a $352,000 Canadian mortgage with a 27-year amortization period and a 6.9% posted interest rate. What is the monthly mortgage payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) The monthly mortgage payment $ 2,398.21 O b. Suppose the bank offers you the opportunity to pay your monthly payments in two equal instalments (pay one-half of the monthly payment every 2 weeks). How much faster will you pay off your mortgage this way? (Do not round intermediate calculations. Round your answer to 1 decimal place.) The mortgage is paid off years sooner.
Transcribed Image Text:a. You are arranging a $352,000 Canadian mortgage with a 27-year amortization period and a 6.9% posted interest rate. What is the monthly mortgage payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) The monthly mortgage payment $ 2,398.21 O b. Suppose the bank offers you the opportunity to pay your monthly payments in two equal instalments (pay one-half of the monthly payment every 2 weeks). How much faster will you pay off your mortgage this way? (Do not round intermediate calculations. Round your answer to 1 decimal place.) The mortgage is paid off years sooner.
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