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Part 4 ( 2 marks ) Assume the couple purchases a home with a $ 4 0 0 , 0 0 0 , fixed -
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Assume the couple purchases a home with a $ fixedrate mortgage fixedrate mortgages are compounded semiannually in Canada and they opt for monthly payments, a term of years at a rate of and an amortization period of years.
All else equal, if they had chosen instead an accelerated biweekly payment, how much interest would they save over the life of the mortgage? Round to the nearest dollar.
tabletableTotal Interest with MonthlyPaymentstableTotal Interest with Accelerated BiweeklyPaymentsCalculationCalculationTotal Interest Savings,
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