You borrow $150,000 to buy a house. Your mortgage rate is 8.4% per year (0.7% per month) and the term of mortgage is 30 years. (i). What is your monthly mortgage payment? After 24 months of payments, what is the remaining balance on your mortgage? How much of your 25th monthly payment goes for interest and how much goes for principal payment? *Bonus question: (ii). Suppose that instead of just making the required monthly payment, you pay an extra $200 per month. You do this every month beginning with the first month. These extra payments will shorten the life of your mortgage. How long will it take to pay off the mortgage?