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Kayton took out a mortgage of $300,000 from CIBC. He agreed to make monthly payment at the end of each month to pay off the
Kayton took out a mortgage of $300,000 from CIBC. He agreed to make monthly payment at the end of each month to pay off the mortgage over 25 years with interest rate of 5% compounding semi-annually. How much interest did he pay in the 3rd year?
Select one:
a. 15000
b. 14059.0717
c. 1232.9791
d. 1744.8150
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