# Denise and Richard Deleon want to buy a house for $375,000. They can make a down payment

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## Question:

Denise and Richard Deleon want to buy a house for $375,000. They can make a down payment of $100,000 from a combination of their RSPs ($25000 each under the Home Buyers program) and wedding gifts recently received. Their financial institution is quoting them a rate of 2.75% per annum compounded semi-annually for the five-year term. They want to make biweekly payments to match their pay cycles and amortize the loan over 25 years.

- What are the biweekly payments?
- How much will they owe on the mortgage at the end of the term?
- How much interest was paid during the five-year period?

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