1. Jon has obtained a $400,000 mortgage. The mortgage is amortized over 10 years. The mortgage interest rate is 6% compounded quarterly. Jon will begin making payments at the beginning of the payment in each semiannual period. a. Calculate the effective Interest rate for this mortgage. b. What is the periodic installment payment? c. Calculate the how much Amir owe after 3 years?

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A:

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