Question
You want to purchase a home for $747,555 in South Calgary. Your mortgage officer at BMO has informed you that the rate on mortgages is
You want to purchase a home for $747,555 in South Calgary. Your mortgage officer at BMO has informed you that the rate on mortgages is 2.50% compounded quarterly. You are a prudent saver and currently have $124,399 in your savings accounts. After legal and closing fees, you have $113,399 available for a down payment. The rest you must borrow from the bank. You believe that a thirty-five year amortization period will make the payments manageable. What are the monthly payments to meet the terms of the mortgage? (Hint - don't lose decimals on the interest rate).
-$4,282.83
-$2,265.31
-$2,838.71
-$2,670.39
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