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Kevin and Cheryl have 20 months remaining on their mortgage at a fixed-rate of 4%, compounded semi-annually. The current market rate for a 5-year mortgage

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Kevin and Cheryl have 20 months remaining on their mortgage at a fixed-rate of 4%, compounded semi-annually. The current market rate for a 5-year mortgage is 2.9%, compounded semi-annually. What rate would they be charged under a blend-and-extend offer? A 3.26% B 3.45% 3.52% D 3.18%

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