George wants to buy a house whose current market value is $150, 000. He has approached a loan officer at Wells Fargo who offers him a 25-year mortgage financing for 75% of the purchase price at a rate of 6.75%. Payments are to be made on a monthly basis even though the bank is required by law to compound the interest semi-annually. What are the effective annual and monthly rates of interest on the loan? Assuming the loan payments are due at the end of each month: Determine the size of the monthly loan payments Determine the amortization schedule for the first 3 months Determine the principal outstanding at the end of the 5_th year