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(25 points) 3. You plan to purchase house $400,000 using a 30-year amortized mortgage from a local bank. You will make a down payment of 20% of the purchase price and finance the remainder. Your bank offers you two options: Option 1: A mortgage with zero points and an interest rate of 2.625 percent or Option 2: A mortgage with 2.0 points and an interest rate of 2.400 percent a What are your monthly payments under each option? b. Using Excel, copy and paste the amortization schedule for each option here e. After 10-year (120 monthly payments) you have been promoted to a new position in another city, thus you must sell your house and pay off your mortgage. What is the payoff amount for each option? Option 1 Option 2 d. What option should you choose today, assuming part c is correct and you will sell your house in five years. I addition to payoff amounts, what were your total interest payment for each option? e. What option should you choose today, assuming you will own your house for over 30 years? Calculate total interest paid on each option. Total Interest Paid on Mortgage Option 1: Total Interest paid = Option 2 Total Interest paid f. There is no right or wrong answer, however, what option would or should you choose