1. A mortgage of $250 000 is amortized over 30 years at 8% compounded monthly. It has an initial term of 5 years. a. Determine the monthly payment. (A 4) b. Create a mortgage schedule for the first 5 payments. (A 8) Payment Interest Paid Payment Due Monthly Date Principal Paid Outstanding Balance Number Payment 0 $250 000.00 1 2008/02/19 2 2008/03/19 3 2008/04/19 4 2008/05/19 5 2008/06/19 c. How much of the 1st payment is interest? (A1) d. How much is the 4th payment is used to reduce the principal? (A1) e. How much is the total interest paid for the first 5 payments? (A 1) f. What is the outstanding balance after the 5 payments? (A 1)