I. A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments. III. Suppose that after making 50 payments, the interest rate changes to J2=9% p.a.:
A. Convert the interest rate J2=9% to J12 equivalent (2 marks
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