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The balance on a mortgage was $48,100 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5 -year term. Monthly paymente
The balance on a mortgage was $48,100 and an interest rate of 4.50% compounded semi-annually was charged for the remaining 5 -year term. Monthly paymente the settle the mortgage. a. Calculate the size of the monthly payments. Round up to the next whole number b. If the monthly payments were set at $996, how long would it take to pay off the mortgage
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