Question
At long last you were able to afford a condo in the GTA. It cost $450,000 and you were able to come up with one
- At long last you were able to afford a condo in the GTA. It cost
$450,000 and you were able to come up with one third as a down payment and need to get a mortgage for the rest. A Toronto bank offers you a mortgage rate of 7% compounded semi-annually (with monthly payments) and gives you the option of a 20 year or 25 year amortization period. What's the difference in total interest paid over the life of the mortgage between the two alternatives?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
