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Calculate the half-yearly payment required

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Question - A couple purchased a home and signed a mortgage contract for $500,000 to be paid with half-yearly payments over a 25-year period. The interest rate applicable is =85% p.a. applicable for the first five years, with the condition that the interest rate will be increased by 4% every 5 years for the remaining term of the loan.

Based on the given information, your group is required to use Excel software to: Calculate the half-yearly payment required for each five-year interval.

Reference no: EM133008536

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