Assume you purchase a home for $185,000 with a 30-year mortgage set at a fixed rate of 8.25% and 0 points. Based upon this information, answer the following questions. 1. What would you pay monthly as a mortgage payment? How much interest and principal will be paid on the first month's payment? The second month's payment? What is the total amount of interest you will pay over the life of the loan under this 30-year mortgage at an 8.25% interest rate? If you paid down your interest rate to 7.75% (by paying 2 points) a. What would be your monthly mortgage payment? b. How much interest and principal will be paid on the first month's payment? The second month's payment? 5. What is the total amount of interest you will pay over the life of the loan under this 30-year mortgage at a 7.75% interest rate