1. Calculating Monthly Mortgage Payments. What would be the monthly mortgage payments for each of the following situations? (15 points) $70,000, 15-year loan at 3-5 percent. $186,000, 40-year loan at 2 percent. $250,000, 30-year loan at.3 percent 2. Saving for a Down Payment. In an attempt to have funds for a down payment, Li plans to save $6,500 a year for the next six years. With an interest rate of 4 percent, what amount will Li have available for a down payment after the six years? (10 points) 3. Phil Goode will receive $175,000 in 50 years. His friends are very jealous of him. If the fur are discounted back at a rate of 14 percent, what is the present value of his future "pot gold"? (5 points)