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The year is 2020. Eric has borrowed $20,000 from his RRSP under the Home Buyer's...

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Finance

The year is 2020. Eric has borrowed $20,000 from his RRSP under the Home Buyer's Plan (HBP). In what year must he start his repayments?

Points: 1

  1. 2023

  2. 2022

  3. 2020

  4. 2021

    Clara has just purchased her first home. Her gross income is $6,000 a month and her GDS ratio is 30%. Non-mortgage costs per month are $600. Clara's mortgage has a 3%, compounded semi-annually rate, with an amortization period of 25 years and monthly payments. If her home is valued at $350,000, which describes the type of mortgage has she?

    I. Fixed-rate

    II. Variable-rate

    III. High-ratio

    IV. Conventional

    Points: 1

  5. I and IV, only

  6. II and III, only

  7. II and IV, only

  8. I and III, only

    A $400,000 mortage with a 25-year amortization and rate of 4%, compounded semi-annually, would have a monthly payment of $2,104. How many years would it take to pay off the mortgage if the payment frequency were changed to accelerated weekly? Round to the nearest year.

    Points: 1

  9. 21 years

  10. 24 years

  11. 23 years

  12. 22 years

Answer & Explanation Solved by verified expert
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