A person applied a mortgage of $300,000.A mortgage company claimed the interest rate for the 15-year loanis 6.5%. (a) What would be the monthly payment? (b) If the personaccepted the terms of the loan on Oct. 1, 2004, what is the balanceof the loan at the end of 2007? (c) At the beginning of 2008, thisperson decided to pay $1,000 more each month, when will the loan be paid off?