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Assume that an investor has shs. 500,000 and wants to invest this amount in the variable rate payment mortgage at 5.5% original interest rate, with
Assume that an investor has shs. 500,000 and wants to invest this amount in the variable rate payment mortgage at 5.5% original interest rate, with a 30 year term and monthly payments. In the contract the interest is meant to be adjusted upwards at the end of each year at the rate of 0.5% per year. Calculate the monthly payments for the 1st - 4th years of the loan.
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