Man-Duen takes out a 3 year mortgage of $1350000 with monthly payments and an amortization period of 20 years. The nominal annual rate on the mortgage is 6.25% compounded monthly. For each part below (3 marks each), be sure to give the formula as well as the numerical answer. a) What are his monthly payments? b) What will the outstanding balance on his mortgage be at the end of 3 years.? c) Man-Duen decides to make annual deposits (at the end of each year) of $40500.00 into a sinking fund paying an annual effective rate of 3.12%. When the mortgage ends, he uses the sinking fund to reduce his outstanding balance. How much does he still owe? d) If Man-Duen wants to reduce his outstanding balance (after applying the sinking fund) to 65% of his initial loan amount, how much do his payments have to be?