You pay $1363 at the beginning of each month for rent. Instead, you are going to purchase a house. You are going to make a 13% down payment and the remainder will be paid through a 25 year mortgage with payments made at the beginning of each month. You may assume 6.09% compounded semi-annually as the rate of interest.

a) What is the monthly compounded rate of interest that is equivalent to 6.09% compounded semi-annually?

The answer is 6.01%, How can I get the answer?

b) How much money must you borrow for your mortgage?

The answer is $ 212322.24, How can I get the answer?

c) What did you pay for your house?

The answer is $ 244048.55, How can I get the answer?