3. Mortgage You made an offer on a house worth $1,250,000. You plan to make a down payment of 20% and borrow the rest from the bank. The mortgage loan has an amortization period of 30 years and a quoted interest rate of 3%. All rates in this question are quoted following the Canadian mortgage convention. (a) What is your monthly payment? (b) After 60th monthly payment, how much do you owe the bank? (c) For the 61st monthly payment, how much is it for the interest pay- ment and the principal payment? (d) After the 120th monthly payment, you decide to refinance your mort- gage at a rate of 2% and amortization period of 10 years. What is your new monthly payment?