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04-19-2011, 03:24 PM
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Finance question about mortgages and equity?
The 5 year, canadian mortgage rate is quoted at 5.5% per year with semiannual compounding (ie BEY) Steven buys a home for 200,000 and borrows a 25 year mortgage of $150,000 to finance the purchase with biweekly mortgage payments (ie every two weeks) If the value of home remains the same, what will his home equity value be at the end of the fifth year?Any idea? I will give a best answer today!
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