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Please use the following information for Questions 3-6. After graduating with your degree, you have decided that it is time to buy your first home. The condo you want costs $400,000 and you have $50,000 for a down payment. The bank will lend you $350,000 at a rate of 6%, compounded semi-annually, and amortized over 25 years. What is the balance outstanding on the mortgage after the 60th payment has been made? Multiple Choice $314,429 $326,367 $327,821 $330,511 Please use the following information for Questions 3-6. After graduating with your degree, you have decided that it is time to buy your first home. The condo you want costs $400,000 and you have $50,000 for a down payment. The bank will lend you $350,000 at a rate of 6%, compounded semi-annually, and amortized over 25 years. What is the total amount of interest paid on the loan over its 25-year life? Multiple Choice $419.270 $375,889 $405,898 $321,797 Please use the following information for Questions 3-6. After graduating with your degree, you have decided that it is time to buy your first home. The condo you want costs $400,000 and you have $50,000 for a down payment. The bank will end you $350,000 at a rate of 6%, compounded semi-annually, and amortized over 25 years. If you were to decide that bi-weekly payments (bi-weekly means you pay once every two weeks or 26 payments per year) better fitted your cash flow than monthly payments, based on the same numbers used above (principal of $350,000, 6% interest rate, compounded twice a year and amortized over 25 years), what is your bi-weekly mortgage payment? Multiple Choice $1,032.16 $1,61129 $977.40 $1,040.94