3. An investor bought a $400,000 property by putting 10% down (that is the initial equity, 10% of the value of the property) and financing the rest using a 15 year loan with a rate of 3.2%. If the buyer had added an additional $100 to each payment after the first six years, how long would it take to pay off the loan? How much money would be saved in total compared to the original monthly payments? If a 30 year loan had a rate of 3.5%, what would be the monthly payments on the property with the same 10% down