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Find the total interest cost for the mortgage

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Reference no: EM132792063

Question - Mike bought a small cottage for $150,000. They put $15,000 down and negotiated a mortgage with the vendor for the balance of the purchase price. If the vendor charges 6%, compounded semi-annually, and the mortgage is to be repaid over 20 years, provide the requested details below.

Required - Please find;

a) The required monthly payment.

b) The amount outstanding on the mortgage after 2 years of payments.

c) The interest paid by Christy and Bob after 2 years of payments.

d) The total interest cost for the mortgage over the 20-year period.

Reference no: EM132792063

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