1 Q05 Amortization Schedule a. Pedro decides to purchase a house that costs $280,500. The bank requires a 10% downpayment and will provide a 25 year mortgage at a annual interest rate of 0.08. Calculate the mortgage loan amount, the monthly payment required to amortize the loan and the total interest paid (assume all the payments are made). Use four 4 decimal places THEN round dollar values to the nearest penny. Mortgage payments are made at the beginning of each month (monthly). 6 points b. Create an amortization schedule for the first 4 months of Pedro's mortgage. 10 points