Question 3 (2 points) You are buying a new house, and you have negotiated a 15-year mortgage loan with a local bank for an amount $287,000 at 7.40 percent APR with monthly compounding. What would your monthly payment be? Round it to two decimal place (cents), e.g., 234.56. Your Answer: Answer Question 5 (2 points) Mark is planning for his daughter's education. She will be attending a college in 8 years. The college expenses are estimated to be $57,000 for a 4-year college. If he can earn 11 percent APR with monthly compounding on a college savings plan, how much does he have to invest every month for the next 8 years? Round it to two decimal places and do not include the $ sign, e.g., 1234.56. Your Answer: 1 Answer hint for rection 5