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A $100,000 mortgage loan has a 25-year amortization. a) Calculate the monthly payment at interest ...

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A $100,000 mortgage loan has a 25-year amortization. a) Calculate the monthly payment at interest ...

A $100,000 mortgage loan has a 25-year amortization.

a) Calculate the monthly payment at interest rates of 4%, 6%, and 8% compounded semiannually.
b) By what percentage, to the nearest 0.01%, does the monthly payment on the 8% mortgage exceed the monthly payment on the 4% mortgage?
c) Calculate the total interest paid over the entire 25-year amortization period at each of the three interest rates. (Assume the final payment equals the others.)

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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This calls for a celebration Person Raising Both Hands in Celebration

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