Do part B)

Angela and Bill have just graduated from SMU and have started new jobs. They want to save for the down payment on the purchase of a new house in one year's time. They have met with their bank, who have indicated they will lend Angela & Bill 97% of the purchase price of their new home, which means Angela & Bill require a 3 % down payment. To save for the down payment, Angela & Bill plan to invest $1500 in an investment account each month for one year (starting at the end of this month). The investment account has an APR of 8% compounded monthly. At the end of the year, all of these funds will be used for a down payment a) Calculate what they are able to save as a down payment. b) Based on what they are able to save as a down payment, what is the maximum mortgage Angela & Bill can secure from the Bank? (Please round to the nearest dollar)