Canadian mortgage with amortization period

Assignment Help Financial Management

Reference no: EM131994842

1. How long will it take a sum of money to double if interest is at 11% compounded semiannually? (Show all your work) (No excel) (Use basic interest principles needed)

2. You are arranging a $350,000 Canadian mortgage with a 25-year amortization period and a 7 percent 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 on-half of the monthly payment every two weeks). How much faster will you pay off your mortgage this way?

Reference no: EM131994842

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Canadian mortgage with amortization period : You are arranging a $350,000 Canadian mortgage with a 25-year amortization period and a 7 percent posted interest rate.

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