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You need to take out a mortgage on a new home in Toronto. The house cost $1,000,000 and you plan on paying a down payment

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You need to take out a mortgage on a new home in Toronto. The house cost $1,000,000 and you plan on paying a down payment of $350,000. The bank offers a mortgage rate of 6% with a 5 year term and a 30 year amortization period; the rate is compounded semi-annually. What is your monthly payment? 3866.35 3830.91 5948.23 12544.07

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