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purchasing a 600 000 home with a down payment of 150 000. he will be obtaining a 5 year, 8 % , 25 year amoritization
purchasing a 600 000 home with a down payment of 150 000. he will be obtaining a 5 year, 8 % , 25 year amoritization canadian mortgage from CIBC Bank to be paid monthly.
a) what is the future value of the loan in 3 years with no payments
b) what is the future value of payments in 3 years
c) what is the outstanding loan balance after 3 years
d) how much interest has been paid over the first 3 years
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