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Five years ago the Brars purchased a house for $975,000. They made a down payment of 20% and took out a mortgage with BMO for the balance. They amortized the mortgage over 25 years at 2.8% compounded semi-annually for a 5-year term.
(a) Calculate their monthly payment. The bank rounds the payment up to the next dollar.
(b) How much of the 60th payment was interest? Express your answer in 2 decimal places and do not enter "tiny_mce_markerquot; sign.
(c) How much interest did they pay in the 5th year (Year 5) of the mortgage? Express your answer in 2 decimal places and do not enter "tiny_mce_markerquot; sign.
(d) What percentage of the mortgage have they paid off after making 5 years of payments? Express your answer in 2 decimal places and do not enter "%" sign.
(e) After making five years of payments, they made a lump-sum payment to reduce the balance owing to $600,000. How much was the lump-sum payment? Express your answer in 2 decimal places and do not enter "tiny_mce_markerquot; sign.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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