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Three years ago the Biggs purchased a house for $ 6 7 5 , 0 0 0 . They made a down payment of 2
Three years ago the Biggs purchased a house for $ They made a down payment of and took out a mortgage with BMO for the balance. They amortized the mortgage over years at compounded semiannually for a year term.
a Calculate their monthly payment. The bank rounds the payment up to the next dollar.
b How much of the th payment was interest? Express your answer in decimal places and do not enter $ sign.
c How much interest did they pay in the rd year Year of the mortgage? Express your answer in decimal places and do not enter $ sign.
e After making three years of payments, they made a lumpsum payment to reduce the balance owing to $ How much was the lumpsum payment? Express your answer in decimal places and do not enter $ sign.
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