This is a problem that has FOUR questions. Therefore, please choose FOUR answers Use the following information to solve for FOUR questions below: On June 1, you borrowed $350,000 to buy a house. The mortgage interest rate is 3.5%. The loan is to be repaid in equal monthly payments over 30 years. #1. What is your monthly payment ? #2. How much equity will you have in the house after 5 years? #3. How much interest have you paid during year 6 only? #4. How much interest will you be paying over the whole course of the loan? #1. MONTHLY PMT= $1572 #1. MONTHLY PMT - $1682 #1. MONTHLY PMT - $2112 12. EQUITY UNTIL YEAR 5 - 35,255 #2. EQUITY UNTIL YEAR 5 - 36,060 W2. EQUITY UNTIL YEAR 5 - 39,155 #3. INT DURING YEAR 6 - 15,950 #3. INT DURING YEAR 6 = 19,320 W3. INT DURING YEAR 6 = 10,860 #4. TOTAL INTEREST - 215,795 #4. TOTAL INTEREST - 335,795 #4. TOTAL INTEREST = 295,795