You have purchased an apartment unit for $280,000. You made a down payment of 25% and financed the balance by amortizing over a 25 year period. The interest rate was 3.25% compounded semi-annually for a 5-year term. a) Calculate the monthly payments. b) Calculate the balance at the end of the 5-year term. c) Calculate the monthly payments if the mortgage is refinanced with the new 3-year rate of 4.59% compounded semi-annually. d) What is the balance at the end of the 3-year term