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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