Question 6 (14 marks) The Jackson family is interested in buying a home. The family is applying for a $125,000, 30-year mortgage. Under the terms of the mortgage, they will receive $125,000 today to help purchase their home. The loan will be fully amortized over the next 30 years. Current mortgage rates are 8 percent. Interest is compounded monthly and all payments are due at the end of the month. Required: a. What is the monthly mortgage payment? 10 b. What portion of the mortgage payments in percent made during the first year will go toward interest? c. What will be the remaining balance on the mortgage after 5 years? d. How much the downpayment could the Jacksons prepare today if they were willing to have a $850 monthly mortgage payment? (Assume that the interest rate and the length of the loan remain the same.) DF