before for a loan. Credit reporting agencies must give you one free report annually. Try to work closely with your banker to figure out how much you can borrow and which loan exactly fits you. Acquire what current mortgage rates are. Bankers are there to help you understand how that translates into monthly mortgage payments and thats the purpose of this project.The Project is to be delivered in its completed form as email$\mathrm{.}1.$ Mathematical formulas must all be typed as well! $2.$ Show all necessary steps to receive full credits!Please do not procrastinate, and plan accordingly while you are progressing on this project!Do not hesitate to email me if you have any questions, remember I am just a click away.Good Luck Keep scrolling down typed and save the project $\_$Last name$\_$MAT$115$ and submit it through Blackboard only, and not through my NECCQuantitative Reasoning ProjectProjectThe following formula is used for figuring out a monthly home mortgage payment: r $(12$t$)$Lr $11212$t M$121$ r $112$ Where:L $=$ the loan amount in dollarsr $=$ the annual interest rate expressed as decimal t $=$ the number of years of the loanM $=$ the monthly payment in dollarsYou are looking to buy a $$525,000\mathrm{.}00$ home in Haverhill. If Bank of America will give them a $30-$year mortgage at $6\mathrm{.}25\%$ annual interest rate for the cost of the house after they receive a $20\%$ down payment.A$.$ Determine the loan amount? $-7\mathrm{.}5-$ptsB$.$ How much their monthly payment will be$?-7\mathrm{.}5-$ptsC$.$ At the end of the $30-$years, how much total money will you have paid toBank of America for your home? In another word how much did the$$525,000\mathrm{.}00$ house really cost the couple?D$.$ How much interest will they have paid?E$.$ How many of her monthly payment go toward the interest? $-7\mathrm{.}5-$ptsF$.$ What percent increase over the cost of the home does this interestrepresent? $-7\mathrm{.}5-$pts $-7\mathrm{.}5-$pts