Instructions: please write your answers as clearly as possible and show the work. Show the work for all calculations. You may attach them on a separate piece of paper or you can use the Microsoft Equation Editor to show your work. You decided to buy a house. Part 1. Saving for down payment 5 points You decide to pay $160 monthly into an annuityfrom your monthly paycheck. The annuity compounds interest monthly at the rate of 4.25%. Over 6 years, how much will you save in this way toward the down payment for your house? The amount you saved for down payment is _________________________ Part 2 Mortgage 10 points You meet with the loan officer at your credit union. She assures you that you can secure a 30- year mortgagefrom the credit union at a 3.67% interest rate if you make a down payment of at least 15% of the price of your house. Use the down payment amount you calculated in Part 1 to determine the highest mortgage amount your credit union will approve for you: a) If the amount you saved is 15% of the selling price, then what is the selling price_____________ b) what is the mortgage amount you need to borrow from your credit union___________ c)Calculate the monthly payment on that mortgage amount. ____________________ d) What is total amount you are going to pay during the term or the loan? _____________ e) Whatis the total interest paid on the loan? ___________________________________ Find a house online that is in your price range. Copy a picture and description of it below.