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Consider a $130,000, 5.25 percent, 20-year, interest-only mortgage with semi-annual interest payments. a) How large are each of the semi-annual payments? b) What will be

Consider a $130,000, 5.25 percent, 20-year, interest-only mortgage with semi-annual interest payments. a) How large are each of the semi-annual payments? b) What will be the principal balance outstanding on this mortgage after seven years?

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