You and your partner decide that it is time for you to move in together, so you start looking at houses. You find a house you both love for $328,000. Before you speak with your bank you want to get an idea of what your monthly mortgage payment is going to be. You look up the current fixed interest rates for first time homeowners and it appears that rates vary from 2.25% and 3.75%. You also did a bit of research, and you know that for a mortgage earning R% annual interest over t years, the monthly mortgage payment is given by the formula 8 = 1 − (1 + ) −12 where = 12 and is the principal. Use this formula to answer the following questions. Round all answers to two decimal places.