Problem 1: (17 Marks) You are tired of paying rent and have decided it is time to purchase your first house. You have $17,000 saved to use as a down payment and are planning on purchasing a $275,000 house. Your local bank quotes the current mortgage rate for a 20-year amortization and a 4-year term at 5.35%. a) What is your monthly payment? (9 Marks) b) At the end of the four-year term, you return to your bank and they quote you a rate of 6% for a three-year term. What are your new monthly payments on the mortgage? (8 Marks)