A couple is planning to purchase a house in Nepean for a price of $350,000. They are planning to pay a down payment of $75,000 and would finance the remainder by a mortgage of $275,000 (i.e. $350,000 - $75,000 = $275,000). They are considering a 20-year mortgage, with bi-weekly payments. The quoted rate would 3.5 percent, semi-annual compounded. Calculate the following:

Question 31 (1 point)

What would be the Effective Annual Rate? (1 mark)

Question 31 options:

	3.557%
	3.561%
	3.531%
	3.5%
	None of the Above

Question 32 (1 point)

Saved

What would be effective bi-weekly rate? (1 mark)

Question 32 options:

	0.134%
	0.29%
	0.067%
	1.75%
	None of the Above

Question 33 (1 point)

How many bi-weekly, mortgage payments would they pay during the 20-year period? (1 mark)

Question 33 options:

	1040
	240
	480
	520
	None of the Above

Question 34 (1 point)

How much would their bi-weekly mortgage payments be? (1 mark)

Question 34 options:

	$732.91
	$1,338.21
	$488.73
	$366.77
	None of the Above

Question 35 (2 points)

How much interest would they have paid during the total 20-year period (Hint: (number of payments * amount of payments) minus loan amount)? (2 marks)

Question 35 options:

	$106,111.35
	$105,814.88
	$106,238.49
	$106,347.57
	None of the Above