The year is 2020. Eric has borrowed $20,000 from his RRSP under the Home Buyer's...
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Finance
The year is 2020. Eric has borrowed $20,000 from his RRSP under the Home Buyer's Plan (HBP). In what year must he start his repayments?
Points: 1
2023
2022
2020
2021
Clara has just purchased her first home. Her gross income is $6,000 a month and her GDS ratio is 30%. Non-mortgage costs per month are $600. Clara's mortgage has a 3%, compounded semi-annually rate, with an amortization period of 25 years and monthly payments. If her home is valued at $350,000, which describes the type of mortgage has she?
I. Fixed-rate
II. Variable-rate
III. High-ratio
IV. Conventional
Points: 1
I and IV, only
II and III, only
II and IV, only
I and III, only
A $400,000 mortage with a 25-year amortization and rate of 4%, compounded semi-annually, would have a monthly payment of $2,104. How many years would it take to pay off the mortgage if the payment frequency were changed to accelerated weekly? Round to the nearest year.
Points: 1
21 years
24 years
23 years
22 years
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