Calculate the market value of the mortgage, Finance Basics

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Calculate the market value of the mortgage

Problem

The vendor of a property agrees to take back a $200,000 mortgage at a rate of 4.5% compounded semiannually with monthly payments of $900 for a twenty-year term. Calculate the market value of the mortgage if financial institutions are charging 6.5% compounded semiannually on twenty-year term mortgages.

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Finance Basics: Calculate the market value of the mortgage

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