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^thpayment?(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