The Shah family makes month-end payments to repay their mortgage of $825,000. They plan to increase their
Question:
The Shah family makes month-end payments to repay their mortgage of $825,000. They plan to increase their payment by 1.2% every month in order to clear their mortgage in seven years. Calculate the size of their first payment, if the mortgage has an interest rate of 3.5% compounded semi-annually.
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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