3. 71. A mortgage of $190000 is required to purchase a house. The mortgage will be repaid with equal monthly payments over 25 years at 8% compounded monthly. a) What is the total monthly payment? b) What is the total interest paid over the 25 years? c) How does the total amount paid compare with the amount of the martgage? d) What percent of the total amount paid is interest? e) This mortgage has an initial term of 5 years. The mortgage is renewed for another 5 -year term at 6% compounded monthly. Calculate the outstanding principal when the mortgage is renewed f) What is the new monthly payment? [20 marks] Put your solution on paper you provide