A mortgage of S138,000 is to be repaid by making payments of $1183 at the end of each month
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A mortgage of S138,000 is to be repaid by making payments of $1183 at the end of each month. If interest is 5.61% 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).
