Eric just bought a house yesterday in Thunder Bay. The house was listed for $585,000 and Eric made a down payment of $150,000 and took out a 25-year mortgage to finance the purchase. The quoted interest rate is 5% and the first mortgage payment is in one month. a) How much is the monthly payment of the mortgage? b) How much is the total interest cost if Eric follows the monthly payment schedule to the end of the mortgage term? c) What is the balance of this mortgage after 5 years? d) Today, following a friend's advice, Eric decides to switch to weekly payments. How much is the weekly payment? Compared with your answer in (b), how much interest can Eric save? e) Instead of making weekly payment, suppose Eric decides to prepay $5,000 at the end of the first year. How much interest will he save by making the prepayment? f) How much is the monthly payment if it is a US mortgage with the same principal amount, quoted rate and mortgage term? Please note that the quoted rate of a US mortgage compounds monthly.