Amir has obtained a $250,000 mortgage. The mortgage is amortized over 25 years and the term of the mortgage is five years. The mortgage interest rate…

Amir has obtained a $250,000 mortgage. The mortgage is amortized over 25 years and the term of the mortgage is five years. The mortgage interest rate is 9% compounded semi-annually. Amir will begin making monthly payments at the end of the month. Show all calculations

1. Calculate Amir’s monthly payment
2. Calculate the principal owning at the end of the 5 year term