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MCR3U - Discrete - Mortgages - HW Problem - W2012

Page history last edited by Steve Sweeney 11 years, 10 months ago

Consider a mortgage of $200 000 amortized over 25 years.  The bank offers a 5.25% interest rate compounded semi-annually for a 10-year term.  
a)    Calculate the equivalent interest rate.
b)    Determine the monthly payment.
c)    Determine the total amount paid in 10 years.
d)    Determine the total interest paid in 10 years.

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