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Lada Lada
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6 years ago
A $360 000.00 mortgage is amortized by making monthly payments of $2600. If interest is 7.5% compounded semi-annually, what is the term of the mortgage?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
= 360 000, PMT = 2564.19, i = 0.075 ÷ 2 = 0.0375, c =   = 
p =   - 1 = 0.0061545
n =   =   =   = 311.5625381 ≈ 312 months
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