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You have just taken out a 25-year $550,000 mortgage to buy a new house. Your mortgage interest rate is 2.5% per year, compounded semi-annually. a)

You have just taken out a 25-year $550,000 mortgage to buy a new house. Your mortgage interest rate is 2.5% per year, compounded semi-annually.

a) If you make monthly payments, what is the amount of your payment? (2 marks)

b) If you make bi-weekly payments (one payment every two weeks), what is the amount of your payment? (2 marks)

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