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Lecture

Q3 Calculation III (Hard)

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Department
Rotman Commerce
Course Code
RSM332H1
Professor
all

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Description
Calculation III (Hard) Muhammad Datoo wants to buy cottage in Muskoka worth 1.2M. He will make a down payment of 80,000 and finance the rest through a mortgage with PC Financial. The mortgage rate is 7% pa, compounded semi-annually, so the effective monthly rate is 0.575%. It will be amortized over 30 years. 5 years later, there is turm
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