Use the information below to answer the following question. You have cash on hand Property value $500,000 Loan-to-value ratio is 70% Interest rate (nominal) is 6.50% per annum compounded semi-annually Processing fees is 1.50% of loan Cancellation penalty is 1.80% of outstanding mortgage balance Mortgage payment paid annually Term of loan 15 years How much do you owe the bank if you leave at the end of Year 8