Question: Alice borrows $ 3 0 0 , 0 0 0 on a mortgage loan to be repaid on an equal monthly payment of 3 6

Alice borrows $300,000 on a mortgage loan to be repaid on an equal monthly payment of 3600.50/month over 15-year period. Each payment is made at the end of each month. The mortgage term is for 5 years. 1. What is the quoted annual rate (remember that in Canada quoted rates are compounded semi-annually)?2. Find the amount of interest paid after 80 months?

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