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majarm majarm
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7 years ago
Rebecca bought a house in Oshawa and took a $259 000 mortgage amortized by monthly payments over 25 years that is renewable after 5 years. If interest is 4.4% compounded semi-annually, what is the outstanding balance at the end of the five year term?
If the mortgage is renewed for a further 5 year term at 3.7% compounded semi-annually, what is the balance after the second 5 year term?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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AxyAxy
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7 years ago
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THANKS
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