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Question

You are in the Vancouver market for a house. Your effective all-in market borrowing rate for

a 5 year term house mortgage from a chartered bank is 5.04%. The vendor of the house you are considering purchasing is willing to take back a $775,000, 5 year due-on-sale mortgage at 2.69%, with a 25 year amortization. The asking price on the house is $800,000. What is the value of the financing concession for this house?

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Subject: Business, Finance

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