Critical Thinking Life Problem: Purchasing a Home You may use either your calculator or Excel for this problem Provide the answer for each question, (a) through (f), on the front page. Below the answers, show your work and computations. Be neat and professional. Turn in and submit to Google Drive located on the Moodle page. You are ready to purchase a new home that sells for $290,000. You have been working hard and have accumulated a 25% down payment. You will borrow the remaining amount. The best mortgage rate you can find is a 30 year fixed rate of 4.625% annually. La Description: 3 bedroom, 2 bath. 2,061 square feet Address: 1988 Breeze Dr, Holland, MI 49424 (a)Determine the monthly mortgage payment. Mortgage payments are made at the end of each month. (Note: The above mortgage rate is the annual rate. Compute the monthly interest rate to solve the problem. Do not round or truncate this number). (b)Assemble a payoff schedule for the first four payments. Use a format similar to the following (this table shows payments 1, 2, 3, 359, and 360 for a 30 year $184,000 mortgage): Beginning Amount Payment # Owed 1 $ 184,000 $ 2 $183,803.29 $ 3 $183,605.66 $ 359 $2,103.61 $ 360 $1,054.27 $ Interest 862.50 861.58 860.65 9.86 4.94 Reduction of Payment Amount Owed (51,059.21) ($196.71) (51,059.21) ($197.63) ($1.059.21) (S198.56) (51,059.21) ($1.049.35) ($1.059.21) ($1,054.27) End Amount Owed $183,803. 29 $183,605.66 $183,407.11 $1,054.27 (50.00)