The Ricordi family has just bought a house for $275,000. They have been saving money for a while and are able to make a $100,000 down payment. They have chosen a 30-year mortgage from their bank to borrow the balance of the purchase price. The interest rate of the mortgage is 6.5%, compounded monthly. a) [7 pts] What will the Ricordis' monthly payments be? b) [2 pts] What is the total interest the Ricordis will pay over the full 30-year life of the mortgage? c) [2 pts] How much of the first payment one month from now is for interest and how much will be applied to the principal of their loan? d) [4 pts] What is the balance owing on their loan after ten years? e) [4 pts] After ten years of payments, how much of their next monthly payment is devoted to interest?