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Jack and Jill recently negotiated a rate of 2% on their mortgage loan that has a 5-year term and 25-year amortization period. The Bank

Jack and Jill recently negotiated a rate of 2% on their mortgage loan that has a 5-year term and 25-year amortization period. The Bank of Canada 5-year benchmark mortgage rate is 4.8%. What would be their monthly payment on a $250,000 mortgage? Fixed-rate mortgages are compounded semi- annually.

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