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5 A government worker plans to purchase a P1, 000,000.00 house by making a down payment of P150,000. For the remainder, he intends to take
5 A government worker plans to purchase a P1, 000,000.00 house by making a down payment of P150,000. For the remainder, he intends to take a 20 -year fixed rate mortgage with quarterly payments. The first payment is due at t=1. The current mortgage interest rate is 10% compounded quarterly. What is the quarterly mortgage payment? [15 Marks]
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