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. What is the balance outstanding on the mortgage after the 50th payment has been made? Multiple Choice $658,862.70 $257,951.25 $963,321.45 $825,745.58