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Part V: [Learning objective from chapter (6) You have a 25-year $800,000 mortgage that you make monthly payments on. The quoted rate of is 4.54%

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Part V: [Learning objective from chapter (6) You have a 25-year $800,000 mortgage that you make monthly payments on. The quoted rate of is 4.54% compounded semi-annually. Show the amortization table for the first 3 payments. a) What is the Effective Annual rate of the Annualized Percentage rate of 7.88% compounded semi-annually? b) What will be the monthly rate that will be used in calculating the mortgage interest payments. c) What is the total payment you will pay per month? d) In the below table, show the loan amortization for the first 5 years Months Beginning of year balance interest payment Loan repayment 1 2 3 4 5 e) How much interest was paid in the first 5 payments? f) How much do you owe after paying the first five payments

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