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5. Joshua takes out a mortgage of $230 000 at 5.5% compounded semi-annually over 20 years. He is deciding between paying it off in accelerated
5. Joshua takes out a mortgage of $230 000 at 5.5% compounded semi-annually over 20 years. He is deciding between paying it off in accelerated weekly payments or in regular monthly payments. a) Determine the monthly payment using the Mortgage calculator. [A: [2] Amount 1% Amor. Period Frequency I Monthly Payment: b) How much interest would Ping and Dakota pay in interest with the monthly payments? [A: 12] Determine the accelerated weekly payment for the mortgage. [A: 71] Amount 1% I Amor. Period Frequency Accelerated Weekly Payment: d) Determine the interest that he would pay on the accelerated weekly payment. [A: /2] e) What is the difference in interest if Joshua save in interest if he chose the weekly plan? [A: /1]
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