Paula has bought a condo and requires a mortgage of $95,000. A trust company offers her a 20yr mortgage at 4.72%/a compounded semi-annually. The equivalent monthly rate is determined to be 0.003895204.

Q. a) Calculate the monthly payment.

b) Calculate the total interest paid on this mortgage.

a) I figure to use the formula:

I then rearrange the formula:

Now I plugged in the numbers into formula:

=$6013.68 per month