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QUESTION
Amir has obtained a $250,000 mortgage. The mortgage is amortized over 25 years and the term of the mortgage is five years. The mortgage interest rate...
Amir has obtained a $250,000 mortgage. The mortgage is amortized over 25 years and the term of the mortgage is five years. The mortgage interest rate is 9% compounded semi-annually. Amir will begin making monthly payments at the end of the month. Show all calculations
- Calculate Amir's monthly payment
- Calculate the principal owning at the end of the 5 year term
