(SOLVED) You are arranging a 350 000 Canadian mortgage with a 25 year


Question Description:

$15

You are arranging a $350,000 Canadian mortgage with a 25·year amortization period and a 7% posted interest rate. What is the monthly mortgage payment? Suppose the bank offers you the opportunity to pay your monthly payments in two equal installments (pay one-half of the monthly payment every 2 weeks). How much faster will you pay off your mortgage this way?

Answer

$15