On April 1, you borrow $960,000 to buy a house. The mortgage rate is 6.9% compounded semi-annually. The loan is to be repaid in equal monthly payments over 25 years. The first payment is due on May 1. How much of the third payment applies to the principal balance? (Assume that each month is equal to 1/12 of a year.) Multiple Choice 5,442.28 1.222.54 O 1,236.44 . 5,435.35 O 1.229.47