You want to buy a condo in Toronto that costs $$401,600$ and has accumulated a $10\%$ down payment. The remainder is financed with an $18-$year mortgage over a $3-$year term which you have negotiated with a local financial institution. As you are a high risk borrower the best rate you can get is an APR of $5\mathrm{.}10\%$ compounded semi$-$annually with month$-$end payments. How much would you owe on the mortgage after your $36$th mortgage payment?

Answer

a$.$

$$337,763$

b$.$

$$327,803$

c$.$

$$292,266$

d$.$

$$459,028$

e$.$

$$321,492$