You have purchased a home for $515000 by paying a down payment of 18% and then refinancing the remainder. You have chosen a 4 year rate of 5.47% and plan to amortize the mortgage over a 30

year period. You are planning to make monthly payments and the interest is compounded semi-annually.

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a) Determine the size of the monthly payments

monthly payments =

b) Determine the outstanding balance at the end of the 4 year term

outstanding balance =