One way in which you can use your knowledge of annual percentage rates (APR) and annuity calculations is to estimate the monthly payments associated with a loan. You are considering buying a home and need a $400,000 mortgage to do so. The current APR quoted on a 30-year mortgage is 6% with monthly compounding. What is the monthly mortgage payment on a $400,000 loan? Round your answer to the nearest dollar (e.g., $1,234). Assume you waited for a year and interest rates have dropped. The 30-year mortgage is now quoted with a 3% APR. What is the monthly mortgage payment on a $400,000 loan with the new lower interest rate? Assume you found a home that only requires a $200,000 mortgage with the same loan terms (6% APR, 30 years). What is the monthly mortgage payment on the $200,000 loan? Round your answer to the nearest dollar (e.g., $1,234)