WRQ 6 Use the following information to answer the questions related to a fixed rate mortgage Loan Amount (choose a loan amount between $150,000 and $300,000) Name: Interest Rate (choose either 4.5% or 5.5%): Term (choose either 15 year or 30 year fixed rate): a) Complete the first 2 rows of the amortization table below (show work inside of table for each part). Balance of Principal Interest Payment Principal PaymentPayment Amount Number b) The bank estimates the annual taxes to be $3,475 and the annual insurance to be $2,850. Calculate the total monthly mortgage payment (including escrow costs). e) How much interest will be paid over the life of the loan if all payments are made on time? WRQ 6 Use the following information to answer the questions related to a fixed rate mortgage Loan Amount (choose a loan amount between $150,000 and $300,000) Name: Interest Rate (choose either 4.5% or 5.5%): Term (choose either 15 year or 30 year fixed rate): a) Complete the first 2 rows of the amortization table below (show work inside of table for each part). Balance of Principal Interest Payment Principal PaymentPayment Amount Number b) The bank estimates the annual taxes to be $3,475 and the annual insurance to be $2,850. Calculate the total monthly mortgage payment (including escrow costs). e) How much interest will be paid over the life of the loan if all payments are made on time