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The Munks agreed to monthly payments rounded up to the nearest $100 on a mortgage of $175000 amortized over 15 years. Interest for the first five years was 6.25% compounded semiannually. After 60 months, as permitted by the mortgage agreement, the Munks increased the rounded monthly payment by 10%. 1. a) Determine the mortgage balance at the end of the five-year term.(Points =4 ) 2. b) If the interest rate remains unchanged over the remaining term, how many more of the increased payments will amortize the mortgage balance?(Points=4) 3. c) How much did the Munks save by exercising the increase-in-payment option?(Points=4.5)