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4. (10 Marks) A $100,000 mortgage is amortized over 20 years with monthly payments at an interest rate of 8% compounded semi-annually. Suppose you paid

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4. (10 Marks) A $100,000 mortgage is amortized over 20 years with monthly payments at an interest rate of 8% compounded semi-annually. Suppose you paid an extra $1000 at the end of each year, how many years, would it now take to pay off the mortgage and how much interest would be paid over the life of the mortgage

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