Bipin Chandiramani and De-Niro Nelson are planning to purchase a house, but they are unable to come up with the required 10% deposit of $1,500,000, in addition to the closing cost of $1,000,000. They are wondered how they will be able to fund the purchase of this house. A short visit to the local building society informed them that they are qualified for a 30 -year mortgage at an interest rate 8.7%, with payments due monthly. Bipin is due to receive a significant settlement, in compensation for abuse he recently encountered from colleagues in their WhatsApp chat group. This settlement will be enough to cover the deposit and closing cost, but will not be finalized until a month after the payments are due. You are a Mortgage Broker and they have now asked you to advise them on the following: (a) What type of loan facility could they use to assist with covering the deposit and closing cost? Explain. (2 marks) (b) What is the cost of the house? How much would they need to borrow after paying the deposit and closing cost? (3 marks (c) What will be the monthly payment? (5 marks) (d) What will be the mortgage balance at the end of month 3 ? Use an amortisation table to support your answer. (3 marks) (e) If they plan to pay off the loan in 20 years, how much interest will they pay over that period? (10 marks) (f) How much will he save on interest by paying off the mortgage in 20 years instead of keeping it for 30 years? ( 2 mark