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A mortgage of $113,000 is to be repaid by making payments of $941 at the end of each month. If interest is 5.25% per annum

A mortgage of $113,000 is to be repaid by making payments of $941 at the end of each month. If interest is 5.25% per annum compounded

annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11months).

The term of the mortgage is ....... year(s) and ..... month(s).

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