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Question 4 (total 14 marks): (a) (7 marks) A mortgage of $150,000 is arranged with annual interest 8% compounded semi- annually. The loan is to

Question 4 (total 14 marks): (a) (7 marks) A mortgage of $150,000 is arranged with annual interest 8% compounded semi- annually. The loan is to be fully amortized in 25 years. If the borrower makes monthly payment, what would be the size of payment? What is the outstanding balance (OSB) at the end of 3rd year? (b) (7 marks) A mortgage of $150,000 is arranged with annual interest 8% compounded monthly. The loan is to be fully amortized in 20 years. If the borrower makes monthly payment, what would be the size of payment? What is the outstanding balance (OSB) at the beginning of 5u year? MacBook Air 30 F3 888 FS F6 F7 $ % * 3 4 & 7 5 6 8 9 ER T Y U

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