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Question 7 (1 point) Cheryl, has a $400,000 five-year term for a mortgage on a house in Calgary, to be amortized over 15 years of

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Question 7 (1 point) Cheryl, has a $400,000 five-year term for a mortgage on a house in Calgary, to be amortized over 15 years of monthly payments. The bank quotes her an APR of 11.92% with weekly compounding. She will be making monthly payments starting one month from today. What is the payment on this loan? (Show your work to calculate the appropriate interest rate)

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