The Drew family purchased a villa on the outskirts of Calgary for $1,150,000. They made a down payment of 23% of the value and received a mortgage for the balance for a period of 25 years. The interest rate was fixed at 2.615% compounded semi- annually for a four-year term. 1. Calculate the monthly payment amount. 2. Calculate the principal balance at the end of the four-year term. 3. By how much did the amortization period shorten if the periodic payments was increased by 10% starting from the 49th payment? A full solution is required. Enter your answer in the textbox. Submit your work A