$270,000 house in Hamilton was purchased with a down payment of 20.00% of its value and a 25 year mortgage was taken for the balance. The negotiated fixed interest rate was 5.75% compounded semi-annually for a five-year term, with repayments made at the end of every month.

a.Calculate the size of the monthly payments.

Round to the nearest cent

b.Complete the partial mortgage schedule for the five-year term, rounding the answers to the nearest cent.

Payment Number

Payment

Interest Portion

Principal Portion

Principal Balance

0

$216,000.00

1

2

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