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Posted on Aug 18, 2024

You have decided to purchase your first house w the help of a $ 4 0 0 , 0 0 0 mortgage from your bank.

You have decided to purchase your first house

w

the help of a $

400, 000

mortgage from your bank. The interest rate offered is

3.2 %

per year, compounded semi

-

annually. The mortgage is amortized over

25

years and you have decided to make monthly payments.

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