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Tatiana has a mortgage of $460,000 through the TD Canada Trust for a vacation property. The mortgage is repaid by end of month payments
Tatiana has a mortgage of $460,000 through the TD Canada Trust for a vacation property. The mortgage is repaid by end of month payments with an interest rate of 5.5% compounded monthly for a term of 4 years, amortized over 17 years. At the end of the 4-year term, Tatiana will renew the mortgage for another 4-year term at a new, lower interest rate of 4.4% compounded monthly. Round ALL answers to two decimal places if necessary. 1) What are the end of month payments before the renewal of the mortgage? P/Y= 12 C/Y=12 N = 204 I/Y= 5.5 % PV = $ 460000 FV = $ 0 PMT $3475.80 (enter the rounded value into the calculator) 2) What is the balance when the mortgage is renewed? P1 = P2 = BAL = $ Enter a positive value. 3) What will be the new end of month payments after the mortgage is renewed? P/Y = C/Y= N = I/Y = 4.4 % PV = $ FV = $ PMT=$
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