You are interested in purchasing a house for $725,000. You are a first-time homebuyer and qualify for CMHC mortgage insurance that allows a 5% down payment. The bank has offered you a mortgage rate of 3.45%. You have been approved by the bank for a 30-year mortgage. What is your monthly mortgage payment? The mortgage is compounded semi-annually.

$3,225

$1,098

$3,064

None of the options listed

$25,013