You want to buy a condo in Toronto that costs $$511,000$ and have accumulated a $20\%$ down payment. The remainder is financed with a $20-$

year mortgage over a $4-$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 $5\mathrm{.}60\%$ compounded semi$-$annually with month$-$end payments. How much would you owe on the mortgage after your

$48$th mortgage payment?

a$.$ $$326,108$

b$.$ $$541,507x$

C$.$ $$372,978$

d$.$ $$376,981$

e$.$ $$358,719$