110768     Canadian Mortgage Calculation Program  Version: July 1984
 
Submitted by: Soli S. Bamji, National Research Council of Canada,
Ottawa, Ontario, Canada
 
Operating System: RT-11 V5.1  Source Language: FORTRAN IV  Memory
Required: 2KW  Keywords: Business Applications
 
Abstract: The differences between Canadian and American interest
terms prevent the application of the American programs
to Canadian mortgage calculations. This program
calculates the mortgage using the Canadian system.
 
For the amount of a loan borrowed at a certain rate, it
calculates the monthly payment required to repay the
loan within the amortization period. It can generate a
table to show the amount that is paid as interest and on
the principal, the accumulated interest and the balance
of the loan remaining after each periodic payment. It
also gives the cost of the mortgage in terms of the
total interest paid each year and at the end of the
amortization period.
 
This program can also handle the new options that are
now available to the Canadian mortgagor, such as the
biweekly or weekly payments. It can calculate a new
amortization period following a lump-sum payment at the
end of each year during the term of the mortgage and the
reduced interest cost that would result from such
prepayments.
 
Media (Service Charge Code): One RX01 Diskette (KA)  Format: RT-11,
600' Magnetic Tape (MA)  Format: RT-11