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An $600,000 Mortgage is amortized by monthly payments over 25 years. The interest rate charged is 4% compounded semi-annually. 1.What is the size of the
An $600,000 Mortgage is amortized by monthly payments over 25 years. The interest rate charged is 4% compounded semi-annually.
1.What is the size of the monthly payment to the nearest dollars?
2.How much interest paid in the first payment?
3.What is the outstanding balance after the first payment?
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