a). You bought a house worth $325,000. You paid 25% of the purchase price in cash and arranged a thirty-year mortgage with a rate of 5.5% compounded semi-annually for the remaining balance. The mortgage has an amortization period of 30 years. How much interest will you pay in the first 7 years (assuming that the first payment is made at the end of the first month)?

b) You bought a house worth $330,000. You paid 25% of the purchase price in cash and arranged a twenty-year mortgage with a rate of 5.0% compounded semi-annually for the remaining balance. The mortgage has an amortization period of 20 years. After having made payments for 5 years (starting at the end of the first month), what will the outstanding balance of the mortgage be?

c) You bought a house worth $312,000. You paid 25% of the purchase price in cash and arranged a twenty-five-year mortgage with a rate of 4.5% compounded semi-annually for the remaining balance. The mortgage has an amortization period of 25 years. How much will your monthly payments be (starting at the end of the first month)?