1=pxrxt FUTURE VALUE OF AN ANNUITY A = P(1+1) PRESENT VALUE OF AN ANNUITY FOR + 1-(1+1) PV R i ORTGAGES ONLINE CALCULATOR 3) Maya decides to buy a townhouse. The price of the townhouse is $500000 which requires a mortgage to be amortized over 25 years at an interest rate of 3%. (a) Is this a Present Value or a Future Value problem? Explain (b) Maya needs to pay 5% as a down payment. What is the down payment? Explain what Closing Costs are. (c) What is the leftover amount that needs to be mortgaged? (d) What is the amount of the monthly payment? ROM THE AMORTIZATION TABLE (e) What is the total amount paid on the mortgage loan? (f) How much interest will Maya pay over the life of the loan? (g) Explain one way that Maya can pay less interest over the life of the loan. In your explanation state how much she will save in interest.