The Nates family is interested in buying a home. The family is applying for a $200,000,30-year mortgage. Under the terms of the mortgage, they will receive $200,000 to purchase the home. The loan will be fully amortized over the next 30 years. Current mortgage rates are 3.88%. Interest is compounded monthly and all payments are due at the end of the month. 1. What is the monthly mortgage payment? 2. What portion of the mortgage payments during the first year (first 12 payments) will go toward interest? 3. What will be the remaining balance on the mortgage after five years? 4. How much could the Nates' borrow today if they were willing to have an $1,800 monthly mortgage payment? (Assume that the interest rate and the duration of the mortgage remain unchanged)