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. Answer format: e.g. X,XXX = XXXX or 1,234 = 1234 (no commas, round to nearest whole number) How much is your monthly payment? What is the balance outstanding on the mortgage after the 60th 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