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Question 1 (10 points) Three years ago the Biggs purchased a house for $675,000. They made a down payment of 20% and took out a
Question 1 (10 points) Three years ago the Biggs purchased a house for $675,000. They made a down payment of 20% and took out a mortgage with BMO for the balance. They amortized the mortgage over 25 years at 3.2% compounded semi- annually for a 3-year term. (a) Calculate their monthly payment. The bank rounds the payment up to the next dollar (b) How much of the 36th payment was interest? Express your answer in 2 decimal places and do not enter "$" sign. (c) How much interest did they pay in the 3rd year (Year 3) of the mortgage? Express your answer in 2 decimal places and do not enter "$" sign (d) What percentage of the mortgage have they paid off after making 3 years of payments? Express your answer in 2 decimal places and do not enter "%" sign
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