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15) Five years ago you took out a 30-year mortgage with a quoted interest rate of 4.5% per year compounded semi-annually for $250,000. You decide
15) Five years ago you took out a 30-year mortgage with a quoted interest rate of 4.5% per year compounded semi-annually for $250,000. You decide to make monthly payments.
a) What is the amount of your mortgage payment? (2 marks)
b) What is the outstanding balance on your loan after the first 5 years? (1 mark)
c) How much interest have you paid over the first 5 years? (2 marks)
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