You just bought a house and paid $1/4$ of it as down payment. Your monthly

mortgage has been $$2,617\mathrm{.}22.$ After your $60$th payment, you will review your

mortgage payment. Assume the interest rate on your mortgage is $5\%($APR$,$

compounded semi$-$annually$)$ and it is a $25-$year mortgage.

$$ What was the value of the house when you bought it$?$

$$ How much will you owe on your mortgage after the $60$th payment?

$$ Over the first five years, how much did you pay in interest expenses?