3. You just took out a mortgage to purchase a home. The term of the mortgage is 30 years, and the interest rate is 3%, stated as an APR with monthly compounding Your monthly payment is $2,210. a. What is the effective annual rate you are paying on your mortgage? b. What was the initial amount you borrowed from the bank? Now jump ahead 29 years and 11 months. You just made your 359* payment. i. What is the remaining principal balance on the loan? il. How much of your final (i..., 360"") payment will go towards interest vs. principal