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Mr. Lee takes out a mortgage of $500,000 to purchase a downtown condominium. He negotiates an interest rate of 2.59% / a, compounded semi-annually. The

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Mr. Lee takes out a mortgage of $500,000 to purchase a downtown condominium. He negotiates an interest rate of 2.59% / a, compounded semi-annually. The mortgage is amortized over 30 years. What are his monthly mortgage payments? $1.995.45 $ 1,999.08 $ 6,538.65 $7,000.00 $ 6,498.76

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