Exactly 10 years ago, Junior bought a condo, valued (as of ten years ago) in Ghc150,000. Junior made a Ghc 20,000 down payment, and contracted a mortgage with a 5-year term and a 25-year amortization period. Junior has since renewed his mortgage, but keeping the exact same conditions. Therefore, the 4% APR mortgage rate (compounded every six months) remains the same, and should not change in the future. Mortgage payments are due at the end of each month. What would be Junior’s monthly payment?

Advanced Engineering Mathematics
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ISBN:9780470458365
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Exactly 10 years ago, Junior bought a condo, valued (as of ten years ago) in Ghc150,000. Junior made a Ghc 20,000 down payment, and contracted a mortgage with a 5-year term and a 25-year amortization period. Junior has since renewed his mortgage, but keeping the exact same conditions. Therefore, the 4% APR mortgage rate (compounded every six months) remains the same, and should not change in the future. Mortgage payments are due at the end of each month.

What would be Junior’s monthly payment?

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