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5. Duguid and Partners bought a property valued at $97500 for $18500 down and a mortgage amortized over 17 years. The firm makes equal payments
5. Duguid and Partners bought a property valued at $97500 for $18500 down and a mortgage amortized over 17 years. The firm makes equal payments due at the end of every three months. Interest on the mortgage is 8.05% compounded quarterly. a. What is the size of each quarterly payment? b. What is the outstanding principal at the end of the five-year term? c. What is the cost of the mortgage for the first five years
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