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QUESTION 1 A $30 000.00 mortgage is amortized by monthly payments over twenty years and is renewable after five years. a) If the interest rate

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QUESTION 1 A $30 000.00 mortgage is amortized by monthly payments over twenty years and is renewable after five years. a) If the interest rate is 8.5% compounded semi-annually, calculate the outstanding balance at the end of the second-year term. A $29188.08 OB. $26378.01 OC. $28375 47 O D. $20138.92

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