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Munawar is a first time buyer and bought a brand new townhouse in Oshawa for $212 000. He has saved ...

Hillier

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Munawar is a first time buyer and bought a brand new townhouse in Oshawa for $212 000. He has saved ...

Munawar is a first time buyer and bought a brand new townhouse in Oshawa for $212 000. He has saved enough to make a 5% down payment and will have to pay mortgage loan insurance at 2.75% of the mortgage balance. Munawar wants the insurance premium added to the maximum allowable loan balance. Determine his maximum initial mortgage balance.
A) $5538.50
B) $201 400
C) $206 938.50
D) $212 000
E) $212 477

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Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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