The Martins have purchased a $650,000 home with a 20-year, $500,000 mortgage. Their mortgage rate...
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The Martins have purchased a $650,000 home with a 20-year, $500,000 mortgage. Their mortgage rate is 5.5%, compounded semi-annually, and payments are monthly. If they add the CMHC Mortgage Loan Insurance Cost to their mortgage, by how much will it increase their monthly payment? Round to the nearest dollar. See below:
| Loan-Value Ratio | Standard Premium |
|---|---|
| Up to and including 65% | 0.60% |
| Up to and including 75% | 1.70% |
| Up to and including 80% | 2.40% |
| Up to and including 85% | 2.80% |
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