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Five years ago, the Jones purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calcurated their monthly payment should be $2,776. How much interest did they pay in the 3rd year of the mortgage? $15,468.05 $20,166.42 $4,151.24 $47.853.67 $1,380.54

Five years ago, the Jones purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calcurated their monthly payment should be $2,776. How much interest did they pay in the 3rd year of the mortgage? $15,468.05 $20,166.42 $4,151.24 $47.853.67 $1,380.54

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Five years ago, the Jones purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calcurated their monthly payment should be $2,776. How much interest did they pay in the 3rd year of the mortgage? $15,468.05 $20,166.42 $4,151.24 $47.853.67 $1,380.54
Transcribed Image Text:Five years ago, the Jones purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calcurated their monthly payment should be $2,776. How much interest did they pay in the 3rd year of the mortgage? $15,468.05 $20,166.42 $4,151.24 $47.853.67 $1,380.54
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