The Bank of Canada 5-year rate is 5.19 percent, and you are eligible for a rate at a federally regulated lender of 5 years at 3.49 percent. a. What is the rate you must use when trying to qualify for your mortgage? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Rate % b. If the federally regulated lender offers 2.89 percent, what would be the rate used when applying the stress test now? (Round your answer to 3 decimal places. Omit the "%" sign in your response.) Rate %
The Bank of Canada 5-year rate is 5.19 percent, and you are eligible for a rate at a federally regulated lender of 5 years at 3.49 percent. a. What is the rate you must use when trying to qualify for your mortgage? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Rate % b. If the federally regulated lender offers 2.89 percent, what would be the rate used when applying the stress test now? (Round your answer to 3 decimal places. Omit the "%" sign in your response.) Rate %
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
Problem 1PS
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The Bank of Canada 5-year rate is 5.19 percent, and you are eligible for a rate at a federally regulated lender of 5 years at 3.49 percent. a. What is the rate you must use when trying to qualify for your mortgage? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Rate % b. If the federally regulated lender offers 2.89 percent, what would be the rate used when applying the stress test now? (Round your answer to 3 decimal places. Omit the "%" sign in your response.) Rate %
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