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Number of Periodic Payments to Fully
Amortize a Mortgage
Example 2: An investor can afford to pay $440 per month on a $56,000
Canadian Mortgage. If the annual interest rate is 9 1/4 %, how long will it
take to completely amortize this mortgage?
Effective Interest Rate (Yield)
Example 3: A Canadian mortgage has monthly payments of $612.77 with
a maturity of 25 years. The principal amount is $75,500. What is the
annual interest rate?
Balance Remaining at End of Specified Period
Example 4: A Canadian mortgage has monthly payments of $612.77 at
8.75% interest. The principal amount is $75,500. What will be the
outstanding balance remaining at the end of 10 years?
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6 200
9.25
0.76 Canadian mortgage factor.
440
-440.00 Monthly payment.
56000 0
437.00 Total number of monthly payments.
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25
612.77
75500
0.72 Canadian mortgage factor.
6 0
200
8.75 Annual interest rate.
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