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You buy a house for $500,000 with 5% down and amortizeover 30 years (compounded semi-annually). i. Including CMHC insurance, how much will the outstanding mortgage

You buy a house for $500,000 with 5% down and amortizeover 30 years (compounded semi-annually).

i. Including CMHC insurance, how much will the outstanding mortgage be when the mortgage is issued?

ii. If house prices drop by 20% over 3 years and the interest rate on the mortgage is 3.59%, how much larger is the outstanding mortgage than the value of the house?

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