The qualifying rate is the higher of 5.25% (compounded semi-annually) and your mortgage rate + 2%. How large of a mortgage would their bank authorize if the mortgage is amortized over 25 years (assume monthly payments) if the rate offered by their lender is 5.10% compounded semi-annually for a 5-year term

Answer rating: 100% (QA)

1 Monthly Payment Calculation First we calculate the monthly interest rate based on ... View the full answer