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Josh went to CIBC for a mortgage and borrowed $300,000. He was incredibly disappointed to see how high-interest rates were and had no choice but

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Josh went to CIBC for a mortgage and borrowed $300,000. He was incredibly disappointed to see how high-interest rates were and had no choice but to lock in at a rate of 4% compounded semi-annually with amortization over 25 years. Since his pay is deposited at the end of each month, Josh thought it best to time the mortgage payments with the same monthly end date. He is, however, wondering how many years he would have saved if instead he had signed up for accelerated weekly payments. Select one: a. 3.5 years b. 4 years c. 3.1 years d. 2.5 years e. 6.3 years

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