Sarah wants to buy a $600000 one-bedroom apartment in Toronto. She believes that she can make a down payment of $160000. The terms of the mortgage are a 5.0% per year compounded monthly for a fixed 3 year term with an amortization period of 30 years. What is the amount of each monthly payment?

 

Answer rating: 100% (QA)

The information about the amortization period of 30 years is not relevant to calculating the monthly ... View the full answer