John Makes a Monthly Mortgage Payment of $1940 at the End

question 63

Essay

John makes a monthly mortgage payment of $1940 at the end of every month. On October 31, his loan balance was $145 000 after making a payment of $1940. His financial institute allows him to make one additional payment equal to or less than his monthly payment, once a month. Taking advantage of that, John made a payment of $1500 on November 15 and $1900 on December 20. What is his year-end balance after making monthly payment on December 31? The effective monthly fixed rate is 0.306%.

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Definitions:

Mental Suffering

A state of distress or discomfort resulting from mental or emotional strain.

Personal Information Protection and Electronic Documents Act

A Canadian federal law that sets out how private sector organizations can collect, use, and disclose personal information in the course of commercial business.

Equivalent Protection

The provision of safeguards or rights that are comparable in substance, but not necessarily identical in form or method.

Passing-off

A common law tort used to enforce unregistered trademark rights, involving misrepresentation leading to consumer confusion and potential damage to goodwill.