Compute the amount of the monthly payment on a 20-year, $300,000 mortgate with an annual interest rate of 9%. Principal Term $300,000 20 years 9% Interest rate 1 Payments per year 12 Interest rate 2 7% Required: a. Compute the amount of each of the monthly mortgage payments assuming the annual interest rate is 9%. b. Compute the amount of each of the monthly mortage payments assuming the annual interest rate is 7%. c. How much does a 2% drop in interest rates save per month? Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. Nothing in this area will be graded, but it will be submitted with your assignment.