In Canada, banks quote mortgage rates as annual percentage interest rates $($APRs$)$ compounded semiannually. It is nevertheless calculated and compounded every month to determine

the mortgage payment. Generally, the term of a mortgage is negotiated every few years. It is possible, for example, for the interest rate on a $30-$year mortgage to be renegotiated every

five years after the mortgage is initiated.

Based on the above information, use the Excel file to calculate the amortization schedule for a mortgage of $$1,200,000\mathrm{.}00$ over $30$ years at a rate of $7\%($APR$).$ The following information

must be included in your Excel file.

Payment Schedule. After that please answer the following questions Please also answer the following questions separately $($detail the steps involved in the calculation$)$:

a$)$ What is the monthly rate?

b$)$ What is your monthly payment?

c$)$ What have you paid in terms of principal and interest separately at the end of year $5?$ What is the remaining balance at the end of year $5?$

d$)$ What will be the monthly payment after five years, if the interest rate drops to $2\%?$