2. Knowledge/Understanding [6 marks] Complete the following amortization table to show the first 6 monthly payments for a mortgage of $100 000. The interest rate is 8%, compounded monthly, and the monthly payments are $785.00. Payment Monthly Interest Principal Outstanding Number Payment For 1 mo Paid Principal 0 100 000.00 1 $785.00 2. 3 4 5 . 6 Foundations for College Mathematics MAP4C-B Workbook Unit II 18 3. 71. A mortgage of $190 000 is required to purchase a house. The mortgage will be repaid with equal monthly payments over 25 years at 8% compounded monthly a) What is the total monthly payment? b) What is the total interest paid over the 25 years? c) How does the total amount paid compare with the amount of the mortgage? d) What percent of the total amount paid is interest? e) This mortgage has an initial term of 5 years. The mortgage is renewed for another 5-year term at 6% compounded monthly. Calculate the outstanding principal when the mortgage is renewed. f) What is the new monthly payment? [20 marks] Put your solution on paper you provide