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Consider a typical $1,000,000 Canadian mortgage contract. Suppose that the current nominal interest rate is 6% and the maturity is set at 20 years. The

Consider a typical $1,000,000 Canadian mortgage contract. Suppose that the current nominal interest rate is 6% and the maturity is set at 20 years. The rollover period is 3 years. The borrower and lender agree to a semi-annual mortgage payment scheme.

A) Find the semi-annual annual payments on this mortgage for the first three years.

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