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Five years ago the Brars purchased a house for $975,000. They made a down payment of 20% and took out a mortgage with BMO for the balance. They amortized the mortgage over 25 years at 2.8% compounded semi-annually for a 5-year term.
(a) Calculate their monthly payment. The bank rounds the payment up to the next dollar.
(b) How much of the 60th payment was interest? Express your answer in 2 decimal places and do not enter "tiny_mce_markerquot; sign.
(c) How much interest did they pay in the 5th year (Year 5) of the mortgage? Express your answer in 2 decimal places and do not enter "tiny_mce_markerquot; sign.
(d) What percentage of the mortgage have they paid off after making 5 years of payments? Express your answer in 2 decimal places and do not enter "%" sign.
(e) After making five years of payments, they made a lump-sum payment to reduce the balance owing to $600,000. How much was the lump-sum payment? Express your answer in 2 decimal places and do not enter "tiny_mce_markerquot; sign.
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