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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
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 and double payments(R+R) at every six months. 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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