You are about to purchase a new house for $200,000. You plan on making a down payment of 20 percent of the value of the house and taking out a mortgage for the remaining balance. A bank has offered you a 30-year mortgage at 5.65 percent APR compounded semiannually.

a) How much is your monthly payment? b) How much will you still owe on your mortgage after four years? c) Suppose you changed your mind and decided to repay your original mortgage by making bi-weekly payments (i.e., 26 payments per year). How much is your bi-weekly payment?