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Fatima pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan, ...

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Fatima pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan, ...

Fatima pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan, property tax and utilities would cost her $920 per month. Using the current mortgage loan rate of 6.6% compounded semiannually, calculate how much money Fatima could accumulate over 10 years if she continues to rent and invests the $400 per month difference.

▸ $47,845

▸ $67,768

▸ $15,833

▸ $77,085

▸ $56,299

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

Read 116 times

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desai.sumeet1

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More solutions for this book are available here

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Anonymous

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Help! The answer is missing an explanation...

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Anonymous

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4 months ago

I tried this myself, but kept getting the wrong answer:

Can someone check what I am doing wrong?

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