Unformatted text preview: C) $2,970.13 D) $3,725.73 E) $3,234.38 Mortgage 3. You are planning to buy a new condominium in Toronto. The Condo is worth $220,000; you will put a 25% down payment and obtain a 25year fixed rate mortgage at 6.25% (APR semiannually compounded) for the rest. Assume that monthly payments begin in one month. a) how much interest will you pay (in dollars) over the life of the loan? A) $128,259.14 B) $159,105.03 C) $110,358.81 D) $143,517.24 b) How much will you still owe at the end of 5 years?...
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 Summer '09
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 Payment, payments, Mortgage loan, fixed rate mortgage, Ch.4 Extra Problems

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