Suppose you take out a mortgage for $350000 at 6% interest per year compounded bi-weekly. If your mortgage is amortized over 25 years, what is your monthly mortgage payment? How much interest will you pay the lender by the end of the mortgage?

What is the monthly interest rate corresponding to the effective annual rate?
$r_m =$

What are the monthly payments?

What is the total interest paid?

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