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You want to buy a condo in Toronto that costs $860,100 and have accumulated a 15.00% down payment. The remainder is financed with a 25-year
You want to buy a condo in Toronto that costs $860,100 and have accumulated a 15.00% down payment. The remainder is financed with a 25-year mortgage over a 2-year term which you've negotiated with a local financial institution. As you are a high-risk borrower the best rate you can get is an APR of 6.70% compounded semi-annually with month-end payments. How much would you owe on the mortgage after your 24th mortgage payment?
A) $713,925 B) $1,376,122 C) $706,528 D) $712,669 E) $642,298
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