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You purchase a starter home in the Greentree area of Burnaby. The price is $900,000 and you come up with a $100,000 down payment. You

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You purchase a starter home in the Greentree area of Burnaby. The price is $900,000 and you come up with a $100,000 down payment. You amortize the loan over 20 years. Find the size of the monthly payments if the interest rate is j2=3.5%. (the bank has a policy of rounding up all payments to the next dollar). a. What is the size of the monthly payment? Using the mortgage and rounded payment from the previous question answer the following: How much interest did you pay in the second year? What percent of your mortgage will you have repaid in 5 years? If the interest rate remains the same for the entire mortgage what will be the size of your final payment

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