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Finance Assignment | Professional Writing

Author:
June 10th, 2020

An organization has borrowed 526,000 for their new building. They obtained a 15-year mortgage at a nominal rate of 8.4% convertible monthly on the unpaid balance, with payments to be made monthly. The payments are level except for a slightly smaller final payment.

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Calculate the amount of interest paid in the first five years.

(Please include steps.)

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