You have purchased a house for $500,000 with a down payment of 20% of the purchase price. What is the balance remaining on the mortgage after 10 years if the amortization period is 30 years and the nominal interest rate is 3.25%? Assume that interest is compounded semi-annually and payments are made monthly. $393,320 $357,089 None of the options listed $391,962 $306,672 You are interested in purchasing a condominium for $785,000. You offer a down payment of 5% of the purchase price. The bank has offered you a fixed mortgage rate of 3.25%. You have been approved by the bank for a 30-year mortgage. The monthly maintenance fee for the condominium is $400. How much will you pay per month in mortgage and maintenance fees? The mortgage is compounded semi-annually. $3,807 None of the options listed $3,637 $3,407 $3,237