Question 1 You just got a 30-year $5,000,000 mortgage for your apartment at a quoted rate of 5% What is the monthly payment for this mortgage? - Hint 1: Banks quote semi-annual rate multiplied by 2 for mortgages, this means that given the quote of 5%, the effective monthly interest rate is 0.41% - Hint 2: Mortage interest is compounded monthly 26,597.15 28,518.52 030,416.24 O 32, 121.15