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Assumptions and Formula Sheet You have decided to buy a house. The house costs $475,000 and you have $60,000 that you will use as a down payment. You want to use an amortization period of 20 years. You think mortgage rates might fall so you decide to arrange a mortgage with During that term you've agree to pay a 5.0% interest rate compounded quarterly. What will your mortgage payments be if you make semi-monthly payments (two payments per month) at the end of each semi-monthly period? 6 marks a. What interest rate should be used in your calculations? b. How much do you need to borrow c. What is the size of your mortgage payments? d. How much will you still owe after three years? e. How much have you paid in interest by the end of your three year mortgage agreement