Angie wants to obtain a $$500,000$ mortgage, amortized over $25$ years. Interest rates

are currently $8\%,$ compounded twice a year.

What is the Effective Annual Interest Rate?

a$.7\mathrm{.}8698\%$

b$.8\mathrm{.}0\%$

c$.8\mathrm{.}4\%$

d$.8\mathrm{.}16\%$

What is the monthly payment on the mortgage?

a$.$ $$3,776\mathrm{.}51$

b$.$ $$3,816\mathrm{.}07$

C$.3,912\mathrm{.}23$

d$.$ $$3,666\mathrm{.}84$