A contractors price for a new building was $116,000. You decide to buy the building, making a payment of $23,200 down and financing the balance by making equal payments at the end of every 6 months for for 6 years. Interest is 5.4% compounded semi-annually.

How much GST was collected during the period? (GST rate = 5%)

If they purchased products and services costing $55750

. How much GST did they pay? What amount were they required to remit to the government for the period?