74 3. A Canadian mortgage of $395,000 has an interest rate of 3.75% per annum compounded monthly, a 5 year term and an amortization period of 25 years. (hint look at day 8 example) a) Determine the monthly payment. b) Determine the amount you still have to pay after 5 years as you will have to refinance your mortgage c) Determine the total interest paid in 5 years. 14 /3