/1 4. Luis and Sharon purchase a house for a selling price of $310,000 and need to make a 15% down payment. The remainder of the mortgage amount will be amortized over 25 years at a rate of 3.5% per annum compounded monthly. Assume they will never refinance and will pay it off in the full 25 years. a) How much money will they need to borrow from the bank? b) What are their monthly payments? c) How much do they pay in total for their mortgage? d) If they could only afford to make payments of $1200, how much would they have left to pay of their mortgage after 25 years? (hint: must find PV, using R=1200 then subtract that PV from mortgage borrowed) 14 12 16