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23-05-2024
Business

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Dae-Sung wants to buy a house costing $1,000,000.00. He will make a down payment of $50,000.00 and take out a mortgage for the rest. The term of the mortgage is 5 years, and the amortization period is 15 years. Dae-Sung will make bi-weekly payments and the mortgage rate is r(12) = 2.500%. How much are the bi-weekly payments?

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