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What is the effective annual rate

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Reference no: EM132802538

Question - Sheri Dan has applied for a mortgage from a Canadian bank. The mortgage would be for $160,000. The nominal interest rate is 8% per year, compounded semi-annually. The mortgage will be paid off in 22 years.

Requirements -

A. What is the effective annual rate?

B. If the mortgage requires monthly payments, calculate Sheri's payment.

C. If the mortgage requires weekly payments, calculate Sheri's payment.

D. If the mortgage requires bi-weekly payments, calculate Sheri's payment.

Reference no: EM132802538

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