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A mortgage of $ 1 5 7 0 0 0 is to be repaid by making payments of $ 9 3 1 at the end

A mortgage of

157000

is to be repaid by making payments of

931

at the end of each month. If interest is

3.47 %

per annum compounded annually what is the term of the

mortgage? State your answer in years and months

(

from

0

11

months

) .

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