5 years ago you took out a 30 year mortgage with a quoted interest rate of 6.5% per year compounded semi annually for $200,000. You decide to make monthly payment.

1. what i the monthly payment?

2. what is the outstanding balance after 5 years?

3. how much interest have you paid over the first 5 years?

Now you are able to refinance the mortgage today ata quoted rate of 4.25% /year compounded semi annually.

4. monthly payments same as in '1'. How long will it take to pay off your mortgage?

5. how much interest will you pay over the remaining years of mortgage now?

6. instead you decide to make bi weekly payments (exactly half of the monthly payments from '1') how long will it take you to pay off your mortgage?