q10.

Please use the following information for Questions 9 12.

You are buying a house that costs $800,000 and you have $80,000 for a down payment. The bank will lend you $720,000 at a rate of 3.5%, compounded semi-annually, and amortized over 30 years.

What is the balance outstanding on the mortgage after the 50th payment has been made?

Multiple Choice

• $825,745.58

• $658,862.70

• $963,321.45

• $257,951.25