It is five years into the future. It is time to buy your first home, using a budget based approach. As it turns out, housing prices have remained flat, so you can use current pricing as a reliable estimate for the price of houses 5 years from now. You have budgeted responsibly for those 5years and have saved enough to put 15% of the purchase price down on a home. Find a house you would like to purchase in the area in which you think you will live that fits within your expected budget 5 years out of school. Realtor.com is a good placeto look for homes for sale. (Again, this is to help you in the future, so the $800,000 McMansion is probably not attainable.)1. Print a copy of the information on the house you will be purchasing.2. How much will the down payment be?3. Assuming a 3.05% annual rate of return, how much would have you had to save at the end of each month over the 5 year period in order to actually accumulate your 15% down payment, assuming you started with no savings for a houseand assuming monthly compounding?Based on your excellent credit score, assume you are able to secure a loan using the rates found11/11/2020on bankrate.com shown below.Your loan options are:30 year fixed rate loan @ 2.75%15 year fixed rate loan @ 2.375%5/1 ARM @ 2.875%; LIBOR + 2.25%Risk Premium, 2.5% annual cap, 10.5% maximum rateAssume that LIBOR in month 61 is 2.4%, 6.0% in month 73 and 9.0% in months 85 and thereafter.For each loan option, find the following:4. Total interest paid over the course of the loan (provide amortization tablesas support, labeling each one clearly).5. Themonth at the end of which half of the totaloriginalloan principal is paid off.Now:6. Assume your income puts you almost at the top of the 24% marginal tax bracket. Assuming you will itemizeyour deductions, reportyour tax savingsfrom yourmortgage interest paymentsfor the first yearfor each loan. Then, report your tax savings from mortgage interest for the second yearof the loan.(Ignore the standard deduction for purposes of the calculation.)