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3. Martha has a $356 000 mortgage with an interest rate of 3.4% compounded semi-annually. The mortgage is amortized over 25 years and has a

3. Martha has a $356 000 mortgage with an interest rate of 3.4% compounded semi-annually. The mortgage is amortized over 25 years and has a 5 year term. Determine the monthly interest rate. [3 marks]

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