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QUESTION 4 Tony got a $600,000 mortgage amortized over 25 years with an interest rate of 2.9% compounded semi-annually for the first 5-year term. He

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QUESTION 4 Tony got a $600,000 mortgage amortized over 25 years with an interest rate of 2.9% compounded semi-annually for the first 5-year term. He plans to make monthly payments to the mortgage. Round all final answers to the nearest cent. a) How much is the monthly payment? (3 marks) b) Calculate the balance of the mortgage after the first 5-year term. (2 marks) c) How much interest has Tony paid within the first five years? (2 marks)

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