You decide to buy a $500,000 house with a down payment of $150,000 and obtain a $350,000 closed mortgage from the bank. The mortgage has a five-year term and a 20- year amortization period, at an interest rate of 4% compounded semi-annually. a) What is your monthly mortgage payment? b) You calculate that your monthly mortgage payments would be $2,583.14 if you reduce the amortization period from 20 to 15 years. How much do you save in total if there is no change in interest rates during the amortization periods and you choose the 15-year mortgage instead of the 20-year mortgage?