G r a d e 12 e s s e n t i a l M a t h e M at i c s (40s)
a) Determine the monthly mortgage payments. (2 marks) Answer: Cost per $1000 at 2.5% for 25 years = 4.48 (from amortization table given) Mortgage: $187,900 – $21,000 = $166,900 Monthly payment = $,.. .$ . 166 900 1000 ×=44 8 166 94×=48 747 71 b) Calculate the total amount of interest that Kade will pay on his mortgage over 25 years. (2 ... ................
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