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14. Elaine purchased a house for $225 000. She made a down payment of 25% of the purchase price and took out a mortgage

14. Elaine purchased a house for $225 000. She made a down payment of 25% of the purchase price and took out a mortgage for the rest. The mortgage has an interest rate of 3.25% compounded monthly, an amortization period of 30 years, and a 3 year term. a. Calculate Elaine's monthly payment. (4 marks) b. Determine the total interest paid on this mortgage. (2 marks)

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