8. You're buying your first house! (Congratulations, by the way.) You've decided to buy an older and very modest single-wide mobile home in a trailer park. It will cost only $75,000. You've managed to borrow $15,000 from relatives for the downpayment and are going to the bank for a $60,000 mortgage. You agree to a six-year mortgage at 7% interest, with mortgage payments to be made annually. a) How much will your annual mortgage payment be? b) Set up and then fill in) an amortization schedule with six columns: 1) Year 2) Principle Balance (at beginning of year) 3) Annual Mortgage Payment 4) Interest Paid 5) Amortization Payment (which is applied to the outstanding principle) 6) Principle Balance (at end of year) (Note that part of the annual mortgage payment goes to the bank as interest on the mortgage loan, and that the remainder goes to the bank to amortizethat is, pay downthe loan.)