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9.1 A 20-year, $470,000 mortgage at 3.20% compounded semi-annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find

9.1A 20-year, $470,000 mortgage at 3.20% compounded semi-annually is repaid with monthly payments.

a.What is the size of the monthly payments?

b.Find the balance of the mortgage at the end of 6 years?

c.By how much did the amortization period shorten by if the monthly payments are increased by $275 at the end of year six(HOW MANY YEARS AND MONTHS?

Kindly explain with excel details

Thank you

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