Question 17 (1 point) Punch and Judy bought an $850,000 house on March 1. They had $100 savings and borrowed $750,000. The bank quoted them a mortgage rate of 3% over a 25 year amortization period. Punch and Judy decided to make monthly payments which worked out to $3,549.34 per month. The day after the deal closed the pandemic lockdown started and both Punch and Judy lost their jobs. Anticipating that they would be out of work for one year, they negotiated a one year payment hiatus with their mortgage lender. What will their new monthly payments be after the hiatus year? 1) $3,649.13 2) $3,658.20 3) $3,664.06 4) $3,750.61 5) $3,759.43