Alex is buying a condo that has a price of $500,000. The bank has indicated that they will require a down payment of $300,000. The bank is prepared to give you a mortgage for the remainder. The interest rate is 4% per year compounded semi-annually. The amortization period will be 20 years and the initial term of the mortgage will be 2 years. You are going to make monthly payments on your mortgage. Payments will be at the end of each month

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b) ( 2 marks) You are interested in knowing what will happen to the amount of your monthly payment for different quoted rates and different amortization periods. Therefore, you are to fill in the amount of the monthly payment for the different combinations shown in the table below