Question
Hello, could you help me solve this, I am using a TI-83 calculator. The question : Baheera and Maahir are planning to buy their first
Hello, could you help me solve this, I am using a TI-83 calculator.
The question : Baheera and Maahir are planning to buy their first home.They have saved $10,000 and each will withdraw the maximum from their RRSPs under the Home Buyers' Plan.They will pay the cost of CMHC mortgage loan insurance separately.They estimate closing costs at $9,200 and will take a 20-year mortgage at a rate of 4.6%, compounded semi-annually, for a 3-year term.They will pay the mortgage monthly.The home they wish to buy costs $425,000.
In order to find the monthly payment (PMT) i need to know the Present Value (PV) which i don't really know what it is here, could you help me ?
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Public Finance and Public Policy
Authors: Jonathan Gruber
5th edition
1464143331, 978-1464143335
