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You are planning to buy a ski chalet in Fernie for $300,000. You intend to make a down payment of 11% of the price and

You are planning to buy a ski chalet in Fernie for $300,000. You intend to make a down payment of 11% of the price and borrow 89%. Banks are quoting an annual rate of 5% (APR) on a five-year term. You choose a 30-year amortization with semi-monthly payments (two payments per month). What are your semi-monthly mortgage payments?

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