N$=$

$1\%$

PNO

PMT$=$

FV$=$

P$/$N$=$

CN$=$

PMT: END BEGIN

After looking at his finances, he decided to make a payment of

$$4000$ each month. How many years and months will it take him

to pay it off with this monthly payment?

b$)$ Daniel bought an apartment in White Rock for $$638,800.$ He made a

$15\%$ downpyment and negotiated a three$-$year mortgage at $4\mathrm{.}9\%$

amortized over $20$ years. Calculate his monthly payment.

c$)$ You have decided to purchase a house in Langley for $$1,475,000.$

You locked in a $4-$year term mortgage rate of $5\mathrm{.}5\%$ compounded

semi$-$annually, amortized over $30$ years. You saved $10\%$ for a down

payment.

i$)$ Calculate your monthly payments.

ii$)$ How much will you still owe after $4$ years?

N$=$

$1\%$

PV$=$

PMT$=$

FV$=$

P$/$Y$=$

C$/$Y$=$

PMT: END BEGIN

N$=$

iii$)$ If you renegotiate a new term for $5$ years at $7\mathrm{.}3\%$ amortized

over $20$ years, how much will your payments increase$/$decrease$?$