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Linda Trinh has recently bought a house for $300,000 from EastToronto Home Builders Limited. To finance the purchase, she took a mortgage loan of $225,000

Linda Trinh has recently bought a house for $300,000 from EastToronto Home Builders Limited. To finance the purchase, she took a mortgage loan of $225,000 from XYZ Bank of Canada for an amortization period of 10 years at a quoted interest rate of 6% per year compounded semiannually. 

 

a. What is her monthly payment? 

 

b. After 4 years of payments how much she still owes to the Bank? 

 

c. How much interest did she pay during the 4th year? 

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