A mortgage of $110,000 is to be repaid by making payments of $1106 at the end...
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A mortgage of $110,000 is to be repaid by making payments of $1106 at the end of each month. If interest is 4.64% per annum compounded semi-annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months). The term of the mortgage is year(s) and month(s). A mortgage of $110,000 is to be repaid by making payments of $1106 at the end of each month. If interest is 4.64% per annum compounded semi-annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months). The term of the mortgage is year(s) and month(s).
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To find the term of the mortgage we can use the formula for a loan repayment with regular payments T... View the full answer
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Posted Date:
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