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LOAN #1
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LOAN #2
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Mortgage amount:
maximum $99,999,999.99
The amount originally borrowed from a lender (PRINCIPAL). |
$ |
$ |
Amortization time:
maximum 30 years
The period of time needed to pay off a mortgage if there are no prepayments
and no late payments. Naturally, the shorter the amortization period, the more money you save on interest; but,
on the other hand, the amount of the payment is higher. |
years |
years |
Annual interest rate:
maximum 25%
The amount charged by a lender to a borrower as "rent" for the use of the
lender's money. Interest charges generally accrued as a percentage of the amount borrowed. The interest rate is
usually quoted in percent per year. |
% |
% |
Compounding frequency:
Canada=2, USA=12
A number determine how many times a year the interest rate is calculated
( annually=1, semi-annually=2, monthly=12 ). The more often interest is calculated during a year, the greater
the yield to the lender and the more expensive the loan for the borrower. |
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