It is time to buy your first home. The bank will lend you $550,000 at a rate of 6.25%, compounded semi-annually, and amortized over 25 years.

How much is your monthly payment?

What is the balance outstanding on the mortgage after the 60^th payment has been made?

What is the total amount of interest paid on the loan over its 25-year life?

If you were to decide that bi-weekly payments (bi-weekly means you pay once every two weeks or 26 payments per year) better fitted your cash flow than monthly payments, based on the same numbers used above (principal of $550,000, 6.25% interest rate, compounded twice a year and amortized over 25 years), what is your bi-weekly mortgage payment?