Please read the questions carefully. Please draw the cash flow diagrams and explain the steps that you are going to approach to solve the problems then solve the problem. Show the details in solving the problems. Please write legible hand writing, otherwise there is a deduction from your grade 10 points. Missing Cash Flow Diagram is deductible points equal to 20% of the total points for each question. Q1) You have just taken out a mortgage of $50,000 for 30 years, with monthly payments at 6% interest. The same day you close on the mortgage you receive a $25,000 gift from your parents to be applied to the mortgage principal. What amount of time will now be required to pay off the mortgage if you continue to make the original monthly payments? What is the amount of the last payment? (Assume any residual partial payment amount is added to the last payment.). Q2) Jason W. bought a Mercedes when he came to UTM as an engineering student. The Mercedes Was purchased by taking a loan that was to be paid oft in 20 equal, quarterly payments. The Interest rate on the loan was 12%. Four years later, after Jason made his 16" payment, he got married (no more dating!) and sold the Mercedes to his buddy Houston, S. Houston made arrangement with Jason's bank to refinance the loan and to pay Jason's unpaid balance by making (10 equal, quarterly payments at the same interest rate that Jason was paying. Houston flunked out of UTM (too many dates!) 3 1/4 years later, after having made his 13th payment; he then sold the car to Jeff. Jeff paid the bank S2000 cash (he had a good summer job!) to pay the loan balance, how much had Jason borrowed to buy the new Mercedes