A $190,000 mortgage was amortized over 15 years by monthly repayments. The interest rate on the mortgage
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Question:
A $190,000 mortgage was amortized over 15 years by monthly repayments. The interest rate on the mortgage was fixed at 3.72% compounded semi-annually for the entire period.
a. Calculate the size of the payments.
b. Calculate the size of the final payment, rounding to the nearest cent.
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