A cottage was purchased for $325,000 with a down payment of $45,000. Payments of $1600 are made monthly and interest is 3.8% compounded semi-annually.

1. Determine the number of payments made assuming interest rate does not change? Round up the nearest payment. (2 marks) payments
2. What will be the balance of the mortgage after the first 5 years? (2 marks) $
3. What amount of principal is paid on the 10^th payment? (2 marks) $
4. Fill in the amortization table below showing the details of the first two payments, the last two payments and totals. (9 marks)

Payment #	Payment Size	Interest Paid	Principal	Balance
0	-	-	-
1
2
.	-	-	-	-
Totals