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Find the monthly payment on mortgage

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Reference no: EM132270598

Consider a typical $1,500,000 Canadian mortgage. Suppose that the current nominal interest rate is 6% and the maturity is set at 20 years. The rollover period is 2 years.

a) Find the monthly payment on this mortgage.

b) Suppose the nominal interest rate moves to 7% a day after the mortgage is issued. What is the market value of this mortgage?

Reference no: EM132270598

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