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You have a 2 5 - year $ 4 0 0 , 0 0 0 mortgage with a 3 . 5 % rate of interest

You have a

25 -

year $

400, 000

mortgage with a

3.5 %

rate of interest that is compounded semi

-

annually. Payments

are made monthly. How much interest will you pay by the end of year five, up to and including payment number

sixty?

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