You just took out a $270000 mortgage for piece of lake-front land in northern Alberta. You negotiated
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Question:
You just took out a $270000 mortgage for piece of lake-front land in northern Alberta. You negotiated with your bank for a 9.5% nominal interest rate (compounded monthly) and a 20-year amortization period (the duration over which the loan is calculated to be repaid). Please use the factor formula to solve the questions below:
(a) Calculate your monthly payments.
(b) A short time later, you're interested in refinancing your mortgage. How much do you still owe after three years?
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