2. William D. Wave ( WDW) purchased a house in 2015. He took out a fixed rate mortgage at an interest rate of 4.8% per year compounded monthly. The original balance on the loan was $425,000, and the term of the loan was 30 years.. . a. What is the monthly payment WDW is obligated to make? Explain and show your computations. (seven points) vom putuu TU. Tv Pom) b. What is the size of the balance left on WDW's mortgage after he made sixty on-time payments of the exact amount due (in other words he did not make any extra payments nor did he skip any payments)? Explain and show your computations. (seven points) WIDI: WDW is considering refinancing his new loan because interest rates on mortgages have fallen since 2015. The new loan would have the following characteristics: 30 year fixed rate loan at an annual rate of 3.75%, compounded monthly. Amount of the new mortgage will be the remaining balance on the current mortgage (your answer to part b), plus a 1% origination fee. Monthly payments are made on the new mortgage. c. What is the size of the payment on the proposed loan? Explain and show your computations. (seven points)