An advertisement reads: "Point Grey Gem $2 798 000.00. Little Australia, by golf course & close to UBC, beaches, trails & shops! Immaculate 3422 square feet home, 6-bedrooms (4 bedrooms and office on upper floor), 4-bathrooms. Sunny, private 7150 square foot lot. Renovated basement for that mortgage helper. Queen Mary & Lord Byng schools nearby" (Vancouver Sun, Friday, July 5, 2013, p. D10).
(a) Suppose you are able to secure a mortgage for a ten-year initial term at 3.99 percent compounded semi-annually and have $298 000 as a down-payment. What would the required monthly payment be on this mortgaged if you amortized it over 20-years?
(b) Find the total amount of interest that you would pay over the entire 20-year amortization.
(c) Using the table below, construct an amortization table for the payment numbers based on your calculations in part (i).

(d) Calculate the Remaining Balance owing on the Principal at the end of the ten-year initial mortgage term.
(e) If you re-finance the remaining balance at 2.99 percent compounded semiannually for the remaining 10-years, what will your new required monthly payment be?

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Payment Numbers 101 102 103 Principal Paid Remaining Balance Payment Amount Interest Paid