3) A young family buys a house using a mortgage for $200,000 which they plan to repay over 25 years with annual payment made at the end of each year. The bank uses a rate of 6% to set the mortgage, with the interest rate guaranteed for 5 years. a) Find the balance outstanding on the mortgage at the end of the five-year rate guarantee, immediately any payment due at that time. b) At the end of the 5 years, the bank offers a new rate of 5.2% guaranteed for another 5 years. Find the new minimum annual payment required to pay off the mortgage based on the original term of the mortgage. c) If the family changed to making monthly payments made at the end of each month starting in the 6th year, find the minimum monthly payment required based on the new interest rate. (5 points)