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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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