9.3 A $280,000 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 6.50% compounded semi-annually for a three-year term, with repayments made at the end of every month.

a.Calculate the size of the monthly payments.

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

(see image attached)

b. Complete the partial mortgage schedule for the three-year term, rounding the answers to the nearest cent. Payment Payment Interest Principal Principal Number Portion Portion Balance $224,000.00 1 2