This assignment will allow you to demonstrate the following objectives: Calculate the annual payment on a loan using the present value of an annuity. Use discounting to determine the present value of an annuity. Calculate the future value of an annuity and periodic annuity payments. Determine the present value of a bond. Instructions: Answer the questions directly on this document. When you are finished, select Save As, and save the document using this format: Student ID_UnitIV. Upload this document to BlackBoard as a .doc, docx, or .rtf file. Show all of your work. 2. You are considering borrowing $200,000 to purchase a new home. a) Calculate the monthly payment needed to amortize an 7% fixed-rate 30-year mortgage loan. b) Calculate the monthly amortization payment if the loan in (a.) was for 15 years instead. c) In a few sentences, explain the effect of a smaller loan period. How does it influence the monthly payment and interest?