Question $5.(20$pts$)$

The ABC Bank developed a special scheme to belp its customers accelerate the payment of their mortgage. Instead of making payments of $R$ dollars once a month, mortgage borrowers are asked to pay $\frac{R}{2}$ dollars bi$-$weekly. A couple are buying a house and noed a $$750,000$ mortgage. If interest is charged at $6\frac{\%}{?}$ year compounded semi$-$antually, determine

$($a$)$ the monthly payment $R$ required to amortize the debt over $25$ years;

$($b$)$ the bi$-$weekly payment $\frac{R}{2}$ suggested in the scheme;

$($c$)$ the interest snowd using the suggoted scleme.

Hint: Use the "Section $7\mathrm{.}1$ Amortiration Schodule for Example $2\text{'}$ Excel spreadshect available under Lecture Files on eClase. Otviously, you will need to make appropriate modifications to that spreadshect. Plewe turn in your Excel worksheet as part of your project.