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A $ 2 7 0 , 0 0 0 house in Hamilton was purchased with a down payment of 2 0 . 0 0 %
A $ house in Hamilton was purchased with a down payment of of its value and a year mortgage was taken for the balance. The negotiated fixed interest rate was compounded semiannually for a fiveyear term, with repayments made at the end of every month. a Calculate the size of the monthly payments.
$
Round to the nearest cent
b Complete the partial mortgage schedule for the fiveyear term, rounding the answers to the nearest cent.
Payment Number
Payment
Interest Portion
Principal Portion
Principal Balance
$
$
$
$
$
$
$
$
$
: :
: :
: :
: :
: :
: :
: :
: :
$
$
$
$
$
$
$
$
$
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