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mortgage quiz question
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okay mortgage quiz question for any Canadian mortgage brokers please. maybe it's just the terminology or maybe it's my math....
"a $60,000 mortgage, 5 year amortization, and a ERN of 8.7% (equivlant nominal rate - that's the tricky part). you make payments of $1236.78 monthly, what will the balance be after 6 months using the present value of the payments that remain to be made"
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