You are in the market for a home. You and your partner have saved up $130,000 for

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You are in the market for a home. You and your partner have saved up $130,000 for a down payment and would like to buy a home in Delta. You meet with National Bank Financial (NBF) and they offer you a $655,000, 25-year mortgage. Monthly payments under this mortgage will be $3,871.54 and at the beginning of the month.

What nominal interest rate, compounded quarterly, does the bank charge you?
For your 50th payment, what is the principal repayment portion of this payment?
Suppose you win the lottery in exactly 12 years after you open your mortgage with NBF. You would like to pay back the mortgage loan in a lump-sum payment. How much will you need to repay in 12 years' time, assuming there are no penalty fees?

Posted Date: Nov 13, 2021 05:28 PM

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You are in the market for a home. You and your partner have saved up $130,000 for

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fe RATEE2E3E4E5 A D F H 1 Nper Number of months of mortgage2512 300 Pmt Payment per month 387154 4 P... View the full answer

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