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1. On April 1, 2014, Mark and Janet purchased a home for $240,000 with a down payment of $20,000. They obtained a very favourable 25 year mortgage with monthly payments and interest at 3.6% compounded semi-annually. How much are their monthly payments if payments are made at the end of the month? 2. Refer to Question 21. At the end of each month beginning in April 2014, Mark and Janet were also able to save $200, which earned interest at 2.4% compounded monthly. How much would they have saved on March 31, 2019? 3. Refer to Questions 21 and 22. On April 1, 2019, it had been five years and their mortgage was now up for renewal. Unfortunately, interest rates had risen to 7.8% compounded semi-annually. Mark and Janet decided to put all of their savings towards the principle at that time. However they could not fully pay off the mortgage. If payments are still made at the end of the month, determine their new monthly payments.

Date Posted: 06/04/2020
Category: Finance
Due Date: 06/04/2020
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  • PV of Loan =240000-20000=220000 Number of months =25*12 =300 Effective monthly rate =(1+APR/2)^(1/6)-1 =(1+3.6%/2)^(1/6)-1 =0.297774438730047% Monthly Payment =PV/((1-(1+r)^-n)/r) =220000/((1-(1+0.297774438730047%)^-300)/0.297774438730047%)=1110.04
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