1. A $450,000 mortgage is amortized over 25 years at an interest rate of 3% per year. Payments are made monthly. a) Determine the effective interest rate applicable to the mortgage. (2 marks) b) Determine the amount of the monthly payment of the mortgage. (3 marks) c) Prepare an amortization table for the first 2 payments of the mortgage. (4 marks) d) Determine the total interest on the mortgage over the 25-year period. (1 mark)