You take out a $300,000, 25-year mortgage loan to buy a house. The interest rate on the loan is 7% APR, and payments on the loan are made quarterly at the end of every quarter, and fixed payments will be made to a bank.

a) What is will annual payment be on the loan?

(b)Make a mortgage amortization table that shows the interest payment, the amortization of the loan, and the loan balance for each year.