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Path: utzoo!utcs!nishri
From: nishri@utcs.UUCP (Alex Nishri)
Newsgroups: can.general
Subject: Canadian vs American Mortgage Calculation
Message-ID: <183@utcs.UUCP>
Date: Mon, 5-Nov-84 23:59:22 EST
Article-I.D.: utcs.183
Posted: Mon Nov  5 23:59:22 1984
Date-Received: Tue, 6-Nov-84 00:40:40 EST
Organization: University of Toronto - General Purpose UNIX
Lines: 8

I have seen several programs which calculate monthly mortgage payments based on
the mortgage amount, its duration and the percentage interest rate.  However,
all of these programs appear to use formulas which apparently are valid only for
American mortgages.  Does anyone know what the difference is in the Canadian way
of calculating mortgages?  What are the correct formulas to use?

(I asked at the bank and they told me they didn't know how to calculate
mortgages -- they just use printed tables!)