Question 2 You just bought a house. Congrats! You go to the bank and get a $550,000 mortgage. You make monthly fixed total payments for 25 years. This means that you make 12 payments a year every year for 25 years. Interest rate is 3% per year. a) How many payments will you make? (this answer is the total number of periods) b) What is the interest rate per month? (use this answer to complete the next question) c) What is the total interest amount you will pay to the bank? (this answer is the cumulative interest and you know the formula) d) What is the monthly fixed total payment? (you also know the formula) HINT: You do not need to do the loan amortization schedule, because you know all the formulas.