You have purchased a house for $1,750,000 with a down payment of 20% of the purchase price. What is the balance remaining on the mortgage after 10 years if the amortization period is 30 years and the nominal interest rate is 2.25%? Assume that interest is compounded semi-annually and payments are made monthly $1,372,458 $1,226,772 None of the options listed $1,033,040 $1,366,887 You are interested in purchasing a townhouse. The list price is $800,000. You ended up in a bidding war and paid 25% over the list price. You are a first-time homebuyer and put 5% down payment. What is your monthly mortgage payment given a nominal interest rate of 3.15%, compounded semi-annually over 25 years? $4,810 $3,848 $4,569 None of the options listed $4,286