. John and Jane are purchasing a condominium in Burnaby. The price for the unit is $895,000.00 and they would make a down payment of $95,000.00. The balance of the mortgage ($800,000.00) is to be financed at a rate of 3.60 % compounded monthly for 25 years and payments will be made monthly.

a) prepare a partial amortization schedule detailing the payment #, the monthly payment, the interest portion, the principal portion, and the principal balance for: the first 2 payments, the 180 th payment, and the last 2 payments.

[Use the space below to show how you arrived at your answer for PMT1 and simply enter in the given table below all the other values of the amortization table].

Pmt # Payment ($) Interest ($) Principal ($) Balance ($)

1

2

...

179

180

...

298

299

300

b) What is the total interest paid on this loan at the end of the amortization period?