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1) Suppose that you take a mortgage of 400000.00 Canadian dollars on a condominium near Jasper Avenue to be paid in full by 14 equal
1) Suppose that you take a mortgage of 400000.00 Canadian dollars on a condominium near Jasper Avenue to be paid in full by 14 equal annual payments. Assume that a constant annual compounding rate of 3% applies during the period of the mortgage. Suppose that you want to clear the mortgage after 8 years. Calculate the amount of money that you would need to pay on top of the eighth installment
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