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1.Suppose that a 25-year mortgage loan for $3,000,000 is obtained. The mortgage is a level-payment, fixed-rate, fully amortized mortgage and the mortgage rate is 2.8%

1.Suppose that a 25-year mortgage loan for $3,000,000 is obtained. The mortgage is a level-payment, fixed-rate, fully amortized mortgage and the mortgage rate is 2.8% (APR, monthlycompounding).

a.Find the monthly mortgage payment. (5%)

b.What will the mortgage balance be at the end of the 12th year? (5%)

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