5. On March, 1, 2013, Jason purchased a $250,000 worth of a house. He made a down- payment on the day of purchase with $50,000. Then he signed a mortgage contract with the level monthly payments calculated over a 30-year period at a nominal interest of 8% compounded semi-annually. The first payment was obligated at the end of March, 2013. (a) [3 points] Calculate the monthly payment amount when Jason made the mortgage contract. (b) [4 points) Due to the pandemic, the interest rates for overall markets are signif- icantly dropped. A nominal interest rate for this mortgage contract is applied with 2% compounded semi-annually immediately after the monthly payment at the end of February, 2020. Jason chose refinancing the loan. There was nothing changed for the remaining term of the contract with monthly payments. Although he expected an attractive monthly payments, the monthly payment amount does not change. He talked to the mortgage broker why the monthly amount was same. Then the mortgage broker mentioned that the penalty was charged and included on the remaining outstanding balance of the loan as the guaranteed interest rate period was not included on the initial mortgage contract. Calculate the penalty amount imposed on refinancing the mortgage loan. (c) [5 points) Calculate the amount of the interest on the payment at the end of March, 2031. (In other words, that is on the 217th monthly payment.) (Please be very careful to consider that the outstanding balance at the end of February, 2020 was changed.) 5. On March, 1, 2013, Jason purchased a $250,000 worth of a house. He made a down- payment on the day of purchase with $50,000. Then he signed a mortgage contract with the level monthly payments calculated over a 30-year period at a nominal interest of 8% compounded semi-annually. The first payment was obligated at the end of March, 2013. (a) [3 points] Calculate the monthly payment amount when Jason made the mortgage contract. (b) [4 points) Due to the pandemic, the interest rates for overall markets are signif- icantly dropped. A nominal interest rate for this mortgage contract is applied with 2% compounded semi-annually immediately after the monthly payment at the end of February, 2020. Jason chose refinancing the loan. There was nothing changed for the remaining term of the contract with monthly payments. Although he expected an attractive monthly payments, the monthly payment amount does not change. He talked to the mortgage broker why the monthly amount was same. Then the mortgage broker mentioned that the penalty was charged and included on the remaining outstanding balance of the loan as the guaranteed interest rate period was not included on the initial mortgage contract. Calculate the penalty amount imposed on refinancing the mortgage loan. (c) [5 points) Calculate the amount of the interest on the payment at the end of March, 2031. (In other words, that is on the 217th monthly payment.) (Please be very careful to consider that the outstanding balance at the end of February, 2020 was changed.)