The average price of a mississauga home is 750 000 in this, Ask an Expert

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The average price of a Mississauga home is $750, 000. In this assignment, we’ll take an idealized look at the return on investment for purchasing a home versus renting. We will ignore things like variability in interest rates, the housing market, and capital gains, but will still arrive at a reasonable estimate. Round your final answers to the nearest cent (two decimal places).

1. Determine the monthly payment required to amortize a $750, 000 mortgage over a 25 year period if you put a 20% down payment on your home, at an annual interest rate of 4.7% (the Canadian 5 year fixed-rate average) compounded monthly.

2. Determine the principal remaining in the loan after 5, 10, 15, 20, 25 years. Show the calculation for 5 years below, then fill in the provided table with the other values.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92679507

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