What is the term of the mortgage
Problem
A mortgage of $176,000 is to be repaid by making payments of $878 at the end of each month. If interest is 5.06% per annum compounded annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months).
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If interest is 5.06% per annum compounded annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months).
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