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Home Q & A Board Science-Related Homework Help Mathematics
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yesure5294 yesure5294
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A year ago
The MacLellans originally chose to make payments of $1600 per month on a $138,000 mortgage written at 7.4% compounded semiannually for the first five years. After three years they exercised the right under the mortgage contract to increase the payments by 10%.


a) If the interest rate does not change, when will they extinguish the mortgage debt?
b) What will be the principal balance at the end of the five-year term?
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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fujiokifujioki
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A year ago
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