Mark Hamilton purchased a brand new condo in downtown Vancouver for a Mortgage value of $160,000. Mark was able to make the 20% required down payment in order to avoid mortgage insurance. At the time, the rate of the mortgage is a 25?year fixed-rate mortgage at 8.340%, compounded semi-annually.

1) Using Present Value of Annuity formula, find Mark's monthly Payment at the beginning of the Annuity?

2) How much has mark paid towards his condo in 8 Years?

Answer rating: 100% (QA)

Given Mortgage value 160000 Down payment 20 of the mortgage value Mortgage rate 8340 compounded semi... View the full answer