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Part V: [Learning objective from chapter (6)] You have a 25-year $800,000 mortgage that you make monthly payments on. The quoted rate of is 4.54%

Part V: [Learning objective from chapter (6)] You have a 25-year $800,000 mortgage that you make monthly payments on. The quoted rate of is 4.54% compounded semi-annually. Show the amortization table for the first 3 payments. a) What is the Effective Annual rate of the Annualized Percentage rate of 7.88% compounded semi-annually? b) What will be the monthly rate that will be used in calculating the mortgage interest payments

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