1. Suppose you have just graduated and want to buy a house for $300,000. Your local bank provides you with two mortgage options: Option 1 - High Loan-to-Value ratio (90% LTV): You make an initial down payment of $30,000 and the bank provides you with a loan for $270,000 at a rate of 4.5% (APR). Option 2 - Low Loan-to-Value ratio (80% LTV): You make an initial down payment of $60,000 and the bank provides you with a loan for $240,000 at a rate of 3.5% (APR). Under either option you will pay back your mortgage loan in equal monthly payments over the next 30 years. The first payment is due 1 month from now. a. What is your monthly payment under Option 1? b. What is your monthly payment under Option 2