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How much do you owe the bank after the 36th monthly payment

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Reference no: EM132130958

You  obtain  a  $250,000  mortgage  loan  from  Bank  of  Montreal  to  buy  a  house. The mortgage has a 5-year fixed rate of 4%/year (using Canadian mortgage convention), and the amortization period of the mortgage is 20 years.

(b) How much do you owe the bank after the 36th monthly payment?

(c) For the 45th monthly payment, how much of it is for interest, and how much of it is for principal repayment?

(d) What is the present value of the principal repayment portion of the first 60 payments?

Reference no: EM132130958

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