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What is the maximum price

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You are in the market for a home. You and your partner have saved up $305,000 for a down payment and would like to buy a home in North Vancouver. You meet with Scotiabank and they offer you a 20-year mortgage at 3.14% p.a., compounded semiannually. Monthly payments will be $6,617.92 and at the beginning of the month.

- What is the maximum price you can afford for a home if you get the mortgage?

- For your 180th payment, what is the principal repayment portion of this payment?

- Suppose you win the lottery in exactly 7 years after you open your mortgage with Scotiabank. You would like to pay back the mortgage loan in a lump-sum payment. How much will you need to repay in 7 years time, assuming there are no penalty fees

Reference no: EM133047427

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