Suppose you purchase a house for $580,000 and make a down payment of 23% of the purchase price. The balance is amortized over 25 years. The house mortgage agreement is subject to 3.105% compounded semi-annually for the first five years and requires equal monthly payments.

- What is the size of the equal monthly payments for the first five years?

- What is the house mortgage balance at the end of the five years? Perform this calculation using Excel, without an amortization schedule.

- After five years, the house mortgage is refinanced at a reduced nominal rate of 2.731% compounded semi-annually and the house mortgage is amortized over the remainder of the term. What is the size of the new mortgage payments for the remainder of the term?

- What is the size of the final loan payment? Perform this calculation in Excel, without an amortization schedule.