(20 points) 1. Your client wants to purchase a new home and taken out a mortgage loan for $400,000 at an annual interest rate of 2.64% and a maturity of 30 years. You will make 360 equal monthly payments. d) In five years, you are moving elsewhere, thus you must sell the house and pay off the remaining mortgage balance. You have made payments for 5 years (60 monthly payments). Assuming that you have made all of your payments on time, what is the mortgage payoff amount? You are aware that there are 25-years or 300 remaining monthly payments on your mortgage. Please show that you can determine the payoff amount without completing the amortization table, since the payoff amount is the PVA for all remaining monthly payments. PVA = e) Also, please compare to the remaining balance after 60 monthly payment from your excel amortization schedule with your calculation in part (c)