L____________J Ben purchased a home worth $425 000. He made a 25% down payment and nanced the balance with mortgage payments of $2,520 at the end of each month. He secured a mortgage rate of 3.45% compounded semi-annually. {10 marks) a) How much does Ben have to borrow for the mortgage after he makes the down payment? b) Determine the number of payments required to pay off the mortgage, my: my: N: PMT: FV: Therefore It would take payments, (This answer should be a whole number , not a decimal) C) How long (in years and months) would it take to pay off the mortgage? years and months