6. A $350,000 mortgage amortized over 25 years for a new home is ob- tained at the rate of 8.5% compounded monthly. (a) Find the monthly payment. (2 marks) (b) Construct an amortization schedule for the first three months of this mortgage: (6 marks) Principal Outstanding at Beginning of Period Interest for Period Payment at Principal Repaid Period End at End of Period Period 1 2 3 (c) What is the finance charge (that is, the total amount of interest paid) on the loan? (2 marks) 6. A $350,000 mortgage amortized over 25 years for a new home is ob- tained at the rate of 8.5% compounded monthly. (a) Find the monthly payment. (2 marks) (b) Construct an amortization schedule for the first three months of this mortgage: (6 marks) Principal Outstanding at Beginning of Period Interest for Period Payment at Principal Repaid Period End at End of Period Period 1 2 3 (c) What is the finance charge (that is, the total amount of interest paid) on the loan? (2 marks)