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Posted on Sep 07, 2024

A new home is purchased for $ 4 0 8 , 7 2 6 with a $ 4 7 , 0 0 0 down payment

A new home is purchased for $ $408, 726$ with a $ $47, 000$ down payment and a $25 -$ year mortgage for the outstanding balance. The mortgage is repaid with monthly payments. The interest rate on the mortgage is fixed at $5.27 %$ compounded semi $-$ annually for a five year term.

What is the size of the monthly payments? What is the balance on the mortgage at the end of the five year term?

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