. You are thinking about purchasing a condominium. The condo is located in Vancouver and its market price is $550,000. You met with the loans officer at your bank and you found the following terms most attractive: Mortgage amount based 70% of the home's value. Three year term. 25-year amortizatio period. Stated (or nominal) annual rate of 4.50% and is compounded semi-annually. Payments are to be made monthly. . . . . Question 20 (2 points) What is the effective annual rate (EAR) of this mortgage? feet Singh Hundal: Attempt 1 Question 21 (4 points) What is the amount of the monthly payments that you will have to make? I Question 22 (2 points) How much interest will you pay in the first month of this loan? How much principal will be repaid in the first month of this loan if the amortization period is 15 years