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What is the monthly mortgage payment

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Question - a. You are arranging a $364,000 Canadian mortgage with a 27-year amortization period and a 6.7% posted Interest rate. What is the monthly mortgage payment?

b. Suppose the bank offers you the opportunity to pay your monthly payments in two equal instalments (pay one-half of the monthly payment every 2 weeks). How much faster will you pay off your mortgage this way?

Reference no: EM133113369

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