Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pls do it fast its very urgent (6 marks) You are in the market for a home. You and your partner have saved up $
pls do it fast
(6 marks) You are in the market for a home. You and your partner have saved up $ 155,000 for a down payment and would like to buy a home in Burnaby. You meet with Bank of Montreal (BMO) and they offer you a 30-year mortgage at 5.77% p.a., compounded quarterly. Monthly payments will be $4,214.29 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 90th payment, what is the principal repayment portion of this payment? 3. (2 marks) Suppose you win the lottery in exactly 10 years after you open your mortgage with BMO. You would like to pay back the mortgage loan in a lump-sum payment. How much will you need to repay in 10 years time, assuming there are no penalty fees its very urgent
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started