Question: A mortgage (loan for a house) is taken out today for 550,000 at 7% compounded semi-annually. The loan will be repaid over 25 years with

A mortgage (loan for a house) is taken out today for 550,000 at 7% compounded semi-annually. The loan will be repaid over 25 years with end of month payments. Determine:

a. The size of the monthly (end) payments.

b. The cost of your house if you (also) made a down payment of $165,000.

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