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A $250,000 mortgage is amortized over 30 years, making monthly payments. If the rate quoted is 8.5%, APR compounded semi-annually, how much is the monthly
A $250,000 mortgage is amortized over 30 years, making monthly payments. If the rate quoted is 8.5%, APR compounded semi-annually, how much is the monthly payment? Calculate the balance owed after five years based on the information. What is the amount of interest paid after five years? Based on the information, what amount of principal has been paid on the mortgage after five years?
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