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You want to obtain a $400,000 Canadian residential mortgage. The bank is quoting a rate...

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Accounting

You want to obtain a $400,000 Canadian residential mortgage. The bank is quoting a rate of 6.5%, compounded semi-annually. You will amortize the mortgage over 30 years.

What is the monthly payment?

How much interest will be paid over the life of the mortgage?

What is the balance outstanding after 3 years (36th payment)?

If the balance outstanding (above) has to be refinanced when interest rates have gone to 10%, what is the new weekly payment based on a 27 year repayment?

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