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Mark Hamilton purchased a brand new condo in downtown Vancouver for a Mortgage value of $160,000. Mark was able to make the 20% required down
Mark Hamilton purchased a brand new condo in downtown Vancouver for a Mortgage value of $160,000. Mark was able to make the 20% required down payment in order to avoid mortgage insurance. At the time, the rate of the mortgage is a 25year fixed-rate mortgage at 8.340%, compounded semi-annually.
1) Using Present Value of Annuity formula, find Mark's monthly Payment at the beginning of the Annuity?
2) How much has mark paid towards his condo in 8 Years?
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