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You are buying a house for $260,000 with a down payment of 20%. The interest rate is 8.5% compounded semi-annually. The mortgage is amortized over

You are buying a house for $260,000 with a down payment of 20%. The interest rate is 8.5% compounded semi-annually. The mortgage is amortized over 25 years for a 3-year term. a) Calculate the size of the monthly payment. b) How many payments world be required? c) How much interest will you pay in the first 3 years? d) How much interest would you pay in the third year alone?

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