You are buying a house that costs $800,000 and you have $80,000 for a down payment. The bank will lend you $720,000 at a rate of 3.5%, compounded semi-annually, and amortized over 30 years.

1 How much is your monthly payment?

2) What is the balance outstanding on the mortgage after the 50th payment has been made?

3) What is the total amount of interest paid on the loan over its 30-year life?

4) what is your bi-weekly mortgage payment?