Question
The RBC bank has determined that based on a TDS ratio of 40% and other factors, the maximum monthly mortgage payment that Aaron qualifies to
The RBC bank has determined that based on a TDS ratio of 40% and other factors, the maximum monthly mortgage payment that Aaron qualifies to make is $2,500. The five-year fixed rate of interest is 4.5% compounded semi-annually and the mortgage is to be amortized over 25 years. Let assume Aaron managed to borrow that maximum amount. calculate the number of years to pay off the mortgage if payments are made on an accelerated biweekly basis, instead of monthly (You must use financial calculator and make sure to show input used for each calculator keystroke.)
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