A couple is planning to purchase a house in Milton for a price of $475,000.They are planning to pay a down payment of $75,000 and would finance the remainder by a mortgage of $420,000.They are considering a 20-year mortgage, with bi-weekly payments.The quoted rate would 2.75 percent, semi-annual compounded.Calculate the following:

1#What would be the Effective Annual Rate?

2#What would be effective bi-weekly rate?

3#How many bi-weekly, mortgage payments would they pay during the 20-year period?

4#How much would their bi-weekly mortgage payments be?

5#How much interest would they have paid during the total 20-year period (Hint: (number of payments * amount of payments) minus loan amount)?