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please use excel to show work Your employer has just transferred you to beautiful Winnipeg. Since you anticipate being at the branch here for some

please use excel to show work
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Your employer has just transferred you to beautiful Winnipeg. Since you anticipate being at the branch here for some time, you have decided to purchase a condo downtown. The condo you want to purchase is being listed at $285,000. The mortgage officer at your financial institution has informed you that the current rate on mortgages is 5.80%, compounded semi-annually. Fortunately, you are a prudent saver and have managed to amass the 10% down payment in your savings account. You have decided to take the mortgage on an 25 -year amortization period hoping that this will keep the twice monthly (24 payments/year) payments manageable. a. What is the effective per annum interest rate that you are paying on this mortgage? ( 1 mark) b. What is your bi-weekly (every second week) interest rate for this mortgage? ( 1 mark) c. What is the bi-weekly payment for this mortgage (2 marks) d. How much of your first payment will be principal? ( 2 marks) c. How much of your second payment will be interest? ( 1 mark) f. If your employer moves you again in 4 years and you must sell your condo, how much principal do you still owe the bank? ( 2 marks)

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