[闲聊] 最近拿到的五年利率?

本帖由 笑傲江湖2005-04-19 发布。版面名称:我爱我家

  1. oread

    oread 新手上路 ID:161

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    Now this is confusing, I just called BMO, and was told that the interest on mortgage is calculated DAILY, and that this is the norm for all other financial institutions.

    :eek::eek:

     
  2. bello

    bello Moderator ID:22978 管理成员 VIP

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    Scotia bank has 5 yr fully open variable rate = 3.5% that is -0.75% of prime
     
  3. oread

    oread 新手上路 ID:161

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    The Scotia Flex Value mortgage is NOT a fully open mortgage.
     
  4. oread

    oread 新手上路 ID:161

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    CORRECTION!

    Just called BMO again, you CAN carry-over the cash-back if you stay with BMO!
     
  5. bello

    bello Moderator ID:22978 管理成员 VIP

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    For you can be FULLY open ;)
     
  6. wohaha

    wohaha 资深人士 ID:48551 VIP

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    ops

    up
     
  7. 1000 islands

    1000 islands 新手上路 ID:22550

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    Ting Sha, could you please provide us a list of banks who are using semi-annual compounding? I only know TD and Royal are using monthly compounding, ING is using semi-compounding. How about CIBC, BMO, Scotia, etc.? Thanks.
     
  8. 挺傻

    挺傻 Moderator ID:1176 管理成员 VIP

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    I am doubt BMO offers a fully open variable rate or a fully open term. That's totally different.
    It's generous for them to offer a fully open term with a variable rate at prime-0.8%, cashback carry over and waive all penalties.
    Scotia flex value mortgage is also a fully open variable rate mortgage, but not a fully open term.

    Interest was calculated daily, that's right.But for variable rate mortgage,different bank may use different compounding ways.:)
     
  9. 挺傻

    挺傻 Moderator ID:1176 管理成员 VIP

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    Scotia UVRM compounded monthly.
    Scotia value flex mortgage compunded semi-annuly.
    偶简单看了一下那几家银行的网站,没有发现他们对浮动利率做啥说明,所以目前不大清楚。明天看看资料再来说话。
     
  10. 吾言

    吾言 知名会员 ID:3099 VIP

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    TD compounds semi-annually.
     
  11. 笑傲江湖

    笑傲江湖 知名会员 ID:11027

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    All fixed rate mortgages compound semi-annually, and I think that is the law in Canada. Please correct me if I am wrong.:glowface:
     
  12. oread

    oread 新手上路 ID:161

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    Not sure about the law though, but I believe that's the norm used in Canada. Americans on the other hand use annual compounding.

    Can someone explain to me the definition of "interest paid daily"? For example, if your APR is 5%, then daily interest is 5%/365 ma? How does this relate to semi-annual compounding? Does this mean that flex rate is actually compounded annually?


     
  13. 笑傲江湖

    笑傲江湖 知名会员 ID:11027

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    How often does it compound though?
     
  14. 笑傲江湖

    笑傲江湖 知名会员 ID:11027

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    APR 5%

    Effective rate - compounding annually: 5%
    Daily Rate: 5%/365

    Effective rate - compounding semi-annually: 5.0625%
    Daily Rate: 5.0625%/365

    Effective rate - compounding monthly: 5.11619%
    Daily Rate: 5.11619%/365
     
  15. 笑傲江湖

    笑傲江湖 知名会员 ID:11027

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    Effective rate calculation: [(1 + APR/# of compounding period)^# of compounding period]-1

    For example: compounding monthly with an APR 5%;

    [(1+5%/12)^12]-1
     

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