You are interested in purchasing a condominium for $640,000. You are not a first-time homebuyer and do not qualify for CMHC mortgage insurance that allows a 5% down payment. The bank has offered you a mortgage rate of 3.35%. You have been approved by the bank for a 25-year mortgage. What is your monthly mortgage payment for a loan to value ratio of 85%? The mortgage is compounded semi-annually. None of the options listed $2,812 $2,391 $2,673 $3,145 The stress test requires the borrower to qualify at 2 percentage points higher than the contracted mortgage rate. If the bank is offering you a mortgage rate of 2.75%, what is the equivalent monthly interest rate under the stress test? The mortgage is compounded semi-annually. 2.392% None of the options listed 0.392% 2.228% 0.228%