Problem 9 (17 marks) You have saved $65,000 to use as a down payment on a new home that has a cost $650,000 a) How much money will you need to borrow through a mortgage for your home? (1 mark) b) The bank offers to finance your purchase with a 25 -year amortized mortgage with a 5-year term at 4.125%. If you want to make monthly payments on this loan (end of each month), how much will each payment be? (5 marks) c) Prepare an amortization schedule for your first 3 mortgage payments (3 marks) d) At the end of the 5-year term, how much do you still owe? (3 marks) e) How much interest would you save over the life of the mortgage if you chose an amortization of 20 years instead of 25 years? Assume the interest rate remains unchanged. ( 5 marks)