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You have just bought a house for $650,000 and put $100,000 down. The rest of the cost has been obtained from a mortgage. The mortgage
You have just bought a house for $650,000 and put $100,000 down. The rest of the cost has been obtained from a mortgage. The mortgage has a nominal interest rate of 3%, compounded semi-annually with a 25-year amortization period. The term of the mortgage is 5 years. What is the monthly mortgage payment? How much will you owe in 5 years?
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