Create a loan repayment schedule for a mortgage of $400,000 and payments of $1200 made biweekly. Assume a rate of interest of 6.25% per year compounded biweekly. Include only the first 3 rows and the last 3 rows of the schedule.

1. What is the interest portion of the first payment?

2.What is the principle portion of the first payment?

3.What is the balance after the first payment?

4.What is the principle portion of the final payment?

5.What is the interest portion of the final payment?

6.What is the final payment?

7.How much interest was paid on the loan?