Question $3$: Canadian Mortgage

NSTRUCTIONS:

Complete the Amortization Schedule for the following Canadian mortgage. Using Scenario Manager determine the payments at a $5\mathrm{.}25\%,$ a $5\mathrm{.}39\%,$ a $5\mathrm{.}56\%$ and a $5\mathrm{.}78\%$ mortgage rates. Also determine the expected monthly payment given the probabilities of getting each APR listed in cells C$20$ to F$20.$

House Price

$$1,500,000$

Period

Principal Payment

Interest Payment Total Payment

Balance

Downpayment

Mortgage Amount

$1$

$2$

Posted APR Rate

$3$

$4$

$5$

$6$

$7$

Term

Payments per Year

$20$

Years

Effective Rate

$5\mathrm{.}39\%$

$8$

$9$

$10$

Monthly Payment

$11$

Monthy Payment

$12$

Probability of getting this APR rate

Monthly Payments

Expected Monthly Payment

$13$

$14$

$15$

$16$

$17$

$18$

$19$

$20$

$21$

$22$

$23$

$24$

$25$

$26$

$27$

$28$

$29$

$30$

$31$

$32$

$33$

$34$

$35$

$36$

$37$

$38$

$39$

$40$

$41$

$42$

$43$

$44$

$45$

$46$

$47$

$48$

$49$

$50$

$51$

$52$

$53$

$54$

$55$

$56$

$57$

$58$

$59$

$60$

$61$

$62$