CpY D9 9. Your family undertakes a $500 000 mortgage from the bank to buy a new home. The bank charges interest at an annual rate of 13% compounded monthly over 20 years. Find the monthly payments that your family have to make on this loan. N: =20 =13 1(%): -500,000 ? ALPHA, SOVLE PMT= 27,940.70657 I Pmt FVO P/Y12 FV C/Y12 PpY PV p. 10. Use the above question to find the outstanding balance for the loan at the end of the twelfth year