Three years ago the Jones purchased a house for $675,000. They made a down payment of 20% and took out a mortgage with BMO for the balance. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term.

Calculate their monthly payment. The bank rounds the payment up to the next dollar.

Question 1 options:

	$2,612
	$2,618
	$3,264
	$15,746

Question 2 (2 points)

Three years ago the Jones purchased a house and took out a mortgage of $500,000 from the BMO bank. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. The bank claculate their monthly payment should be $2418.

How much of the 5^th payment was interest?

Question 2 options:

	$1,333.33
	$6,593.61
	$1,312.90
	$1,205.10

Question 3 (2 points)

Three years ago the Jones purchased a house and took out a mortgage of $500,000 from the BMO bank. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. The bank claculate their monthly payment should be $2418.

How much interest did they pay in the 3^rd year of the mortgage?

Question 3 options:

	$14,187.31
	$1,318.73
	$45,802.19
	$14,828.69

Question 4 (2 points)

Three years ago the Jones purchased a house and took out a mortgage of $500,000 from the BMO bank. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. The bank claculate their monthly payment should be $2418.

What percentage of the mortgage have they paid off after making 3 years of payments?

Question 4 options:

	2.84%
	8.25%
	9.16%
	91.75%

Question 5 (2 points)

The Smiths want to buy a condo in Surrey. Banks use the rule that no more than 32% of gross income can go towards paying the mortgage, property taxes, heating costs and HALF of the condo fees. Their gross income is $10,000 per month, property taxes $1,800/year, heating costs $50/month and condo fees $400/month.

What is the maximum monthly mortgage payment they could afford?

Question 5 options:

	$2,800
	$3,000
	$3,600
	$3,800