1. Your four-year work term is now over, and you managed to do quite a lot of travelling while overseas both for business and pleasure. Upon your return, you decide to put a down payment on a house. You also received a bonus at the end of your contract and so you have $30,000 as a down payment towards a starter home costing $285,000. You have been approved for a mortgage to cover the balance of $255,000. The mortgage is amortized over 25 years and has a 3.25% APR compounded bi-weekly.
   1. [5] Calculate your bi-weekly payments.

2. [2] Determine how much of the first payment will go towards interest and how much will go towards the principal?

3. [2] How much interest will be paid over the course of 25 years?

4. [5] In five years, the mortgage will need to be renewed. How much will be owing at that time?