How much will be your payments over the first eight years

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Reference no: EM131878589

You just bought a three-bedroom townhouse in Evanston, Calgary. You signed up a mortgage with BlackShark Credit Union for a mortgage of $395,000 over the next 30 years at a fixed rate of 9.98% (stated annual rate compounded semi-annually). Your mortgage payments will be due at the end of each month.

a) How much will be your monthly payment?

b) How much will be your payments over the first eight years?

c) Immediately after you have made the payment at the end of 19th year, what is the amount of principal remaining to be paid on the mortgage?

d) How much will be the total amount of interest paid during the 30-year period?

Reference no: EM131878589

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