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Five years ago the Jones purchased a $280,000 home in New Westminster. They made a down payment of exactly 25% and mortgaged the balance with
Five years ago the Jones purchased a $280,000 home in New Westminster. They made a down payment of exactly 25% and mortgaged the balance with New Westminster Credit Union. The interest rate was 5.8% compounded semi-annually, for a five-year term, amortized over 15 years.
f) Assuming the interest rate remains the same over the remaining 8 years, what is the size of the final payment? [5 marks]
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart
6th Edition
125991965X, 978-1259919657
