2. In the class, you have seen a 15-year mortgage plan, here I want you to make a 30-year mortgage plan for the same loan amount of $350,000 at present. The interest rate will be usually higher for a longer term loan because of higher financial risk associated with the loan. Assuming the annual interest rate is 6.7% fixed for the 30-year mortgage, draw the cash flow diagram and calculate the following items and compare your results to what you have seen in the 15-year mortgage to appreciate the changes in the amortization schedule for your 30-year loan plan: a) What is the monthly payment for this mortgage? (10 pts) b) What is the total amount of interest paid during the life of this mortgage? (10 pts) 2. In the class, you have seen a 15-year mortgage plan, here I want you to make a 30-year mortgage plan for the same loan amount of $350,000 at present. The interest rate will be usually higher for a longer term loan because of higher financial risk associated with the loan. Assuming the annual interest rate is 6.7% fixed for the 30-year mortgage, draw the cash flow diagram and calculate the following items and compare your results to what you have seen in the 15-year mortgage to appreciate the changes in the amortization schedule for your 30-year loan plan: a) What is the monthly payment for this mortgage? (10 pts) b) What is the total amount of interest paid during the life of this mortgage? (10 pts)