The balance on a mortgage was $49,800 and an interest rate of 5.50% compounded semi-annually was charged for the remaining 5-year term. Monthly payments were made to settle the mortgage.

a. Calculate the size of the monthly payments.

Round up to the next whole number

b. If the monthly payments were set at $1,050, how long would it take to pay off the mortgage?

years

months

Express the answer in years and months, rounded to the next payment period

c. If the monthly payments were set at $1,050, calculate the size of the final payment.

Round to the nearest cent