Question
(You must use financial calculator and make sure to show input used for each calculator keystroke.) A. The RBC bank has determined that based on
(You must use financial calculator and make sure to show input used for each calculator keystroke.)
A. 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. (a) What is the maximum value of the mortgage that Aaron may obtain from the RBC? (b) Let assume Aaron managed to borrow that maximum amountas shown in (a)from RBC, 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.) Need help mainly for (b) for (a) I got an answer of 451 693.25
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