Fred Smith wrote:
"Dave F" wrote:
How do CDN mortgages differ from the mortgage calculations used in the
template?

Canadian mortgages are compounded semi-annually, not annually.

And at least some web sites say semi-annually instead of __monthly__
(for monthly payments). Personally, neither description works for me.

In any case, the following example demonstrates the implication of the
difference.

For the US (et al), the monthly payment ($706.78) for a 300-month
$100,000 loan at 7% is computed by:

=pmt(7%/12, 300, -100000)

But for Canada, the monthly payment ($700.42) for the same loan is
computed by:

=pmt(rate(6, 0, -1, 1+7%/2), 300, -100000)