$ Assumptions: 2 Mortgage Amount Interest Rate 5 Number of Payments s Mortgage Payment (Annual) 500,000 5.0% 30 32,526 $ $ 80,000 3.0% $ 15,000 3.0% $ 3 Work Income (Year 1) Work Income Growth 0 1 Unemployed Income (Year 1) 2 Unemployed Income Growth 3 4 Living Expenses (Year 1) 5 Living Expenses Growth 6 7 Probability of Unemployment 8 9 Savings (Year 0) 0 1 Default Rate(%) 25,000 3.0% 0.05 $ 9% Look at cell "B6" in the "Simulation" sheet. This uses the "PMT()" function to calculate the annual mortgage payment based on the amount borrowed ($500,000), the interest rate (5%) and the numbers of years/payments (30). If this amount is paid every year for the 30 year term of the mortgage how much will be paid in total? (Report to the nearest whole number and include appropriate units)