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3) Helen and Tim bought a house for $278000. They saved enough for a 25% down payment. The mortgage is compounded semi-annually at 4.25%, has

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3) Helen and Tim bought a house for $278000. They saved enough for a 25% down payment. The mortgage is compounded semi-annually at 4.25%, has a 25 year term, and requires monthly payments. a) Find the down payment. (1 mark) b) Find the monthly payment. (2 marks)

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