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Cecilia received a $100,000 mortgage amortized over 6 years. She negotiated a fixed interest rate of 4% compounded semi-annually for the term. Payments had to
Cecilia received a $100,000 mortgage amortized over 6 years. She negotiated a fixed interest rate of 4% compounded semi-annually for the term. Payments had to be made on a monthly basis. Calculate: The size of the monthly payments if they are rounded up to the next $100. (ii) Size of the final payment on the mortgage. (11) Principal balance at the end of the 3-year term. (Ctrl)
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