You have just purchased a property for $$4$ million, with $80\%$ financed through a $15-$year

mortgage. The mortgage loan has fixed monthly payments, with the first payment due in exactly

one month from now. The interest rate on the loan is $7\mathrm{.}2\%$ compounded monthly.

a$)$ How much is the monthly payment? $(5$ marks$)$

b$)$ After $3$ years of repayments, what is the outstanding loan amount of your mortgage?

$(4$ marks$)$

c$)$ In your $37$th mortgage repayment, how much is the interest payment and principal payment?

$(3$ marks$)$