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Question 2 (12 marks) For a $550,000 mortgage with a five year term and a 25 year amortization period, calculate the fol- lowing if the

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Question 2 (12 marks) For a $550,000 mortgage with a five year term and a 25 year amortization period, calculate the fol- lowing if the interest rate on the mortgage is 3.95% compounded semi-annually. (a) The monthly payment. (b) The principal owing at the end of the term. - (-)t-1 2 -C

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