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please help me solve this ASAP! (6 marks) You are in the market for a home. You and your partner have saved up $305,000 for
please help me solve this ASAP!
(6 marks) You are in the market for a home. You and your partner have saved up $305,000 for a down payment and would like to buy a home in North Vancouver. You meet with Scotiabank and they offer you a 20-year mortgage at 3.14% p.a., compounded semiannually. Monthly payments will be $6,617.92 and at the beginning of the month. 1. (2 marks) What is the maximum price you can afford for a home if you get the mortgage? 2. (2 marks) For your 180th payment, what is the principal repayment portion of this payment? 3. (2 marks) Suppose you win the lottery in exactly 7 years after you open your mortgage with Scotiabank. You would like to pay back the mortgage loan in a lump-sum payment. How much will you need to repay in 7 years time, assuming there are no penalty feesStep by Step Solution
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