You've just decided to buy a house in Ontario. The bank offers you a mortgage of 450,000, over 25 years at 6%. The rate will fix for 3 years and it will be renegotiated at the end of year 3.

How much do you owe every month?

What is the total amount of capital and interest that you will pay in the next 3 years?

If the bank receives and immediately reinvests your monthly payments at 12%, compound monthly, calculate the future value of your 36 payments at the end of the 3rd year.

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