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A $100,000 mortgage has a 10-year amortization with monthly payments. The interest rate is 3.5%, compounded semi-annually. (20 marks total between the 3 parts)

Question a. What is the monthly payment?

Question b. What is the outstanding balance at the end of 5 years?

Question c. What would the monthly payment be if payments were due at the beginning of the month instead of the end of the month?

Reference no: EM132609058

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