You got married this year and decided to buy a house for your family. So, you went to CIBC and applied for a 25-year $400,000 mortgage with a 3.5% rate of interest that is compounded semi- annually. Payments are made monthly. How much interest will you pay by the end of year five, up to and including payment number sixty? "Hint: you will need the effective rate per period and the monthly payment first, to solve this problem. (10 marks) Upload Choose a File