William received a ten-year mortgage of $150,000 at an interest rate of 4.5% compounded semi-annually for the first five years.

a. During the first five years, what was the size of the monthly payments, rounded up to the next $10?

b. What was the balance on the mortgage at the end of 5 years?

c. During the last five years, if the interest rate remained the same, what was the size of the monthly payments, rounded up to the next $10? What was the size of the final payment?

AppendixLO1