1. Mark and John are considering purchasing a home in Toronto. The asking price for the house is $1,250,000.00 and he would like to make a down payment of $150,000.00. The balance of the mortgage is to be financed through Canada Mortgage Corporation at a rate of 4.95% compounded monthly for 20 years and payments will be made monthly.

a) Prepare an amortization schedule detailing the payment #, the monthly payment, the interest portion, the principal portion, and the principal balance for: the first 2 payments, the 180^th payment, and the last 2 payments. Use the table below for your amortization schedule.

Pmt #	Payment ($)	Interest ($)	Principal ($)	Balance ($)
1
2
179
180
238
239
240

b) What is the total interest paid on this loan at the end of the amortization period?