1. Your mortgage has 25 years left, and has an APR of 8% (with semiannual compound- ing) and monthly payments of $1,500. (a) What is the outstanding balance? How much will you pay in interest, and how much will you pay in principal, during the next year? (b) Suppose you can increase the payment in order to pay off the mortgage earlier than in 25 years. If the APR is still 8% (with semiannual compounding), what monthly payments will ensure that you pay off the mortgage in 10 years (the mortgage with outstanding balance you computed in (a))? (c) Instead of making monthly payments of $1,500, you can make half the payment every two weeks (so that you will make 52/2=26 payments per year). How long (in years) will it take you to pay off the original mortgage if the APR remains the same at 8% with semiannual compounding