Mortgages are the largest debt that most Canadians will ever take on. As such, I firmly believe that every Canadian should understand how banks compute the payment on a conventional residential mortgage. Assume that we want to borrow $500,000 at a rate of interest of 4.5%, compounded semi-annually and amortized over 25 years. What is the effective annual interest rate on this loan? 

a).4.6321% 

b). 47821% 

c). 4.5506% 

d). 4,6630%