You are a financial consultant andneed to provide information toa client who would like to renew his mortgage. The loan amount is $462,000 and the new mortgage agreement will start on Oct 1, 2020.

Provide your client with 3 different options:

Calculate what hismonthly paymentswould be if the loan was amortized over the following terms:

a.10 years

b.20years

c.25years

Use a bank's special mortgage rate of 2.16% (that isthe annual percentage rateandwill not change over the amortization period).Calculatethetotalinterest amount paidat the endof amortization terms.Calculate monthly interest payment and monthly principal payment for each options.