Three years ago, the Jones purchased a house for $675,000. They made a down payment of 20% and took out a mortgage with BMO for the balance. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. Calculate their monthly payment. The bank rounds the payment up to the next dollar.
Question 1 options:
$2,612
$2,618
$3,264
$15,746
Three years ago, the Jones purchased a house and took out a mortgage of $500,000 from the BMO bank. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. The bank calculates their monthly payment should be $2,418. How much of the 5th payment was interest?
Question 2 options:
$1,333.33
$6,593.61
$1,312.90
$1,205.10
Three years ago, the Jones purchased a house and took out a mortgage of $500,000 from the BMO bank. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. The bank calculates their monthly payment should be $2,418. How much interest did they pay in the 3rd year of the mortgage?
Question 3 options:
$14,187.31
$1,318.73
$45,802.19
$14,828.69
Three years ago, the Jones purchased a house and took out a mortgage of $500,000 from the BMO bank. They amortized the mortgage over 25 years at 3.2% compounded semi-annually for a 3-year term. The bank calculates their monthly payment should be $2,418. What percentage of the mortgage have they paid off after making 3 years of payments?
Question 4 options:
2.84%
8.25%
9.16%
91.75%
The Smiths want to buy a condo in Surrey. Banks use the rule that no more than 32% of gross income can go towards paying the mortgage, property taxes, heating costs, and HALF of the condo fees. Their gross income is $10,000 per month, property taxes $1,800 per year, heating costs $50 per month, and condo fees $400 per month. What is the maximum monthly mortgage payment they could afford?
Question 5 options:
$2,800
$3,000
$3,600
$3,800