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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).

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A mortgage of S138,000 is to be repaid by making payments of $1183 at the end of each month

Finance

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).

Option 1

Low Cost Option

Download this past answer in few clicks

2.94 USD

PURCHASE SOLUTION

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

View Answer

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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).