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What are the biweekly payments

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Denise and Richard Deleon want to buy a house for $375,000. They can make a down payment of $100,000 from a combination of their RSPs ($25000 each under the Home Buyers program) and wedding gifts recently received. Their financial institution is quoting them a rate of 2.75% per annum compounded semi-annually for the five-year term. They want to make biweekly payments to match their pay cycles and amortize the loan over 25 years. 

  1. What are the biweekly payments? 
  2. How much will they owe on the mortgage at the end of the term? 
  3. How much interest was paid during the five-year period?

Reference no: EM132816111

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