12. Joanne buys a house in the new Stratford Hills development for $522,500. His bank agrees to these loan terms: 25% down, the remainder of the purchase price financed at r=4.8%, payments to be made at the end of each month. The term of the loan is 30 years. Data: (a) What is Joanne's monthly payment? (b) How much interest does he pay over the 30-year term of the loan? LAY OUT EACH PROBLEM SOLUTION EXACTLY AS SHOWN BELOW. Sample Problem: At the end of every 6-month period for 15 years, Sally deposits $1,200 into a savings account paying 5% compounded semiannually. Here's how to show your work. Data: = 15 years m2 p=5% n=30 i = 2.5% R$1,200 Type 1-A (a) What is Sally's accumulated balance after 15 years? FV = $52,683 (b) How much interest does she earn? interest - $16,683