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Question: ics for manage ile 130 5 a couple purchased a...

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ICS FOR MANAGE ile 1:30% 5. A couple purchased a house and signed a mortgage contract for $350 000 to be paid in monthly installments over 25 year, at 3.5%. The contract stipulates that after 5 years the mortgage will be renegotiated at a new prevailing rate of interest. Calculate: (a) Monthly payment for initial 5 years: (b) The outstanding principal after 5 years (c) The new payment (now every second week) after 5 years at 42%. NOTE: mortgages rates in Canada are always compounded twice a year

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