Problem
You want to buy a condo in Toronto that costs $690,300 and have accumulated a 10% down payment. The remainder is financed with a 18-year mortgage over a 5-year term which you have negotiated with a local financial institution. As you are a high risk borrower the best rate you can get is an APR of 5.90% compounded semi-annually with month-end payments. How much would you owe on the mortgage after your 60th mortgage payment?