Question $3(12$ marks$)$

You have just purchased a property for $$4$ million, with $80\%$ financed through a $15-$year mortgage. The mortgage loan has fixed monthly payments, with the first payment due in exactly one month from now. The interest rate on the loan is $7\mathrm{.}2\%$ compounded monthly.

a$)$ How much is the monthly payment?

$(5$ marks$)$

b$)$ After $3$ years of repayments, what is the outstanding loan amount of your mortgage? $(4$ marks$)$

c$)$ In your ${37}^{th}$ mortgage repayment, how much is the interest payment and principal payment? $(3$ marks$)$