Choose any house (in Alberta) that you would like to purchase. Max purchase price $750,000. Also assume that you have a 20% deposit to put down on the purchase of the home. Calculate your monthly mtg payments, based upon a 20yr amortization, using a posted mtg rate from one of the 5 major banks. Then calculate the amount of interest paid over the length of the mortgage. Discuss your findings along with are there any other 'hidden costs'.

Answer rating: 100% (QA)

To calculate the monthly mortgage payments we need to know the posted mortgage ... View the full answer