You want to buy small condo in Toronto that requires a $400,000mortgage. You are a high risk borrowers so Royal Bank of Canadaamortizes the mortgage over 20 years at a rate of 7.00%/yr (noteinterest is an APR compounded semi-annually) for a 5-year term withmonthly payments. What is the principal owing on the mortgage after5 years? A) 400,000.00 B) $345,756.09 C) $344,399.80 D) $200,000.00E) $55,500.20

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The principal owing on the mortgage after 5 years would be 34439980 Explanation The month... View the full answer