Canadian Mortgage

Canadian mortgages compound interest twice per year instead of monthly. What is the monthly payment to fully amortize a 30-year, $80,000 Canadian mortgage if the interest rate is 12%?

Variable	Enter
Clear
Pmt Timing	End
Present Val	80,000
Future Val	0
Intrst/Yr%	12.0
Periods	360
Periods/Yr	12
Cmpnds/Yr	2

Compute Payment by scrolling to its variable and choosing Calculate from the menu.

The payment will be –$805.11. It is negative because it is a cash outflow.