List the formula's variables and write the number that each variable equals, like APR= 0.045 . Write the formula with the numbers plugged into the correct places for partial credit when needed. Find the payment. Don't round until the part's final answer. Either round final money answers to the nearest penny, or round down to lower penny as makes sense for savings balances and round up to higher penny for payment amounts. If the final answer is within a penny, it's close enough for me. Either round final percent answers to the nearest tenth of a percent or down to the lower tenth of a percent for savings plans. A tenth of a percent is like 2.8%. 1. Pat has a $400,000 mortgage loan with a 30 -year term and an interest rate of 5.25%, compounded monthly. a) How much is Pat's monthly mortgage payment? b) How much interest was charged on their loan in the very first month? Hint: The APR (annual) is 5.25% so the monthly interest rate is c) Based on your answers to parts a) and b), what percentage of their first payment went to paying off interest rather than principal? d) What percentage of their first payment went to paying down the principal? e) How much interest does Pat end up paying over the entire term of the loan? Hint: Find the total payment amount. Subtract that from what they borrowed. f) Over the entire Ioan, what percentage of their payments went to interest