You are purchasing a new home in Calgary, AB, Canada and need to borrow $300,000 from your bank, TD Canada Trust. ("TD"). TD is quoting you a rate of 2.5% fixed for 5 years with an amortization period of 25 years. 

Calculate your monthly mortgage payment to the nearest dollar, assuming you will be making payment at the end of every month? In Canada, the mortgage rate is quoted as an APR with semi-annual compounding. Round to the nearest dollar.

Answer rating: 100% (QA)

To calculate the monthly mortgage payment we need to use the formula M P r 1 rn ... View the full answer