What is the term of the mortgage

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Question: A mortgage of $123,000 is to be repaid by making payments of $887 at the end of each month. If interest is 4.23% per annum compounded semi-annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months). The term of the mortgage is year(s) and month(s).

Reference no: EM133373407

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