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Z borrows $100,000 to purchase an apartment. The interest rate is 5% p.a. compounded twice a year. X will be making monthly payments for the
Z borrows $100,000 to purchase an apartment. The interest rate is 5% p.a. compounded twice a year. X will be making monthly payments for the next 25 years starting in exactly one month.
a. What is his monthly payment? b. What is the interest portion of the 163rd payment? c. How long will it take before the debt first drops to less than half the original amount?
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