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How much interest did she pay during the 4th year

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Reference no: EM133496302

Case: Linda Trinh has recently bought a house for $300,000 from EastToronto Home Builders Limited. To finance the purchase, she took a mortgage loan of $225,000 from XYZ Bank of Canada for an amortization period of 10 years at a quoted interest rate of 6% per year compounded semiannually.

Question 1: What is her monthly payment?

Question 2: After 4 years of payments how much she still owes to the Bank?

Question 3: How much interest did she pay during the 4th year? Hint: To help answer determine the loan balance after 3 years, and after 4 years

Reference no: EM133496302

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