You want to purchase a new house when you graduate. The house that you want costs $600,000. You will make a down payment of $50,000 and finance the remaining $550,000 with a residential mortgage, repayable monthly over 25 years. If the bank is currently charging 8%, compounded semi-annually, on mortgage loans, what is the effective annual interest rate on the loan? 08.25% O8.10% 08.22% 08.16% What are your monthly payments? O$3,788.25 O$4,197.67 O$2,447.11 O$4,303.34 O$3,448.21 How much interest will be paid on the mortgage over its 25-year life? O$674,924 O$741,035 O$721,335 O$709,302 O$691,778 What is the balance outstanding on the mortgage after five years of payments have been made? O$498,888 O$504,447 O$505,991 O$506,747 O$508,426