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You bought a ski chalet at Mount Tremblant for $480,000. You borrow the full amount over a 20-year term. The bank quotes you a rate

You bought a ski chalet at Mount Tremblant for

$480,000.

You borrow the full amount over a

20-year

term. The bank quotes you a rate of

6.1%.

You choose to make

payments per year. Over the life of the mortgage, what is the total amount of interest that you pay?

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