Q# 5. You are considering purchasing a new home. You will need to borrow $350,000 to purchase the home. A mortgage company offers you a 15-year fixed rate mortgage (180 months) at 8% APR a) If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: b) After having paid on this mortgage for 8 years, you decide to sell your home. The sale price is expected to be $450,000. How much net cash will you receive once you payoff the remainder the mortgage?