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Determine and calculate monthly payment mortgage

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Problem 1: Congratulations, you have just bought a new town house in Langley appraisal value is Cnd$1,000,000. BMO is happy to give you the mortgage at the rate of 2.06% in contract, 30 years mortgage term. According to the Canada mortgage law, bank can charge you interest by semi-annual compounding; Bank allows the maximum mortgage amount is capped either at 55% of the appraisal value or 6 times your annual income 2019 before tax. (Bank is always very conservative and risk averse.) Your 2019 income before tax is Cnd$100,000. Based on the above information, please calculate your monthly payment mortgage

Reference no: EM132696565

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