Question1 Ten years ago, you entered into an 25-year, fixed-rate mortgage at 6 % annual interest rate with monthly payments of $1,198.40. (a) Se for the outstanding balance of your loan today. (6 marks) (b) Today, you would like to make an immediate $50,000 lump sum payment to shorten the payment duration. When will you pay off the loan if there is no (10 marks) Solve for the total interest to be saved with your lump sum payment in the (4 marks) change to other p ayment schemes? (c) whole life-cycle of the loan