1. The purchase a house costing $1,000,000, a loan for 70 percent of the acquisition price is taken. The loan has an interest rate of 8 percent, 30-year term and fixed monthly payment. a) Calculate the monthly mortgage payment. What is the total per year? b) Calculate the loan balance at the end of years 1, 2, 3, and 4. c) Calculate the amount of principal reduction achieved during each of the four years. d) Calculate the total interest paid during each of the four years.