1. A bank customer obtains a $150,000 mortgage with a term of 15 years and a nominal interest rate of 4.20%. The monthly debt service/payment for the mortgage [round to the last cent] is: a. $733.53 b. $833.33 d. $1,225.73 e. $1,358.33 2. If the homeowner makes the minimum monthly required payments on the mortgage, what is the balance on the mortgage after 5 years - i.e. after the 60th payment is made [round to the last cent]? a. $100,000 $110,043 C. $116,959 d. $134,955 e. $135,515 3. Assume the homeowner has made the minimum required monthly payments on the mortgage and 5 years have passed. If the homeowner's income has increased and he/she decides to increase the monthly payments to $1500, how many months and years will it take to retire the mortgage? Months 71.6 months or 5.97 years 73.4 months or 6.11 years 76.4 months or 6.37 years 85.0 months or 7.08 years 104.2 months or 8.68 years Years a. b. c. d. e