1. A fully amortizing mortgage is made for $100,000 at 6.5 percent interest. If the monthly payments are $1,000 per month, when will the loan be repaid?

2. A partially amortizing mortgage is made for $60,000 for a term of 10 years. The borrower and lender agree that a balance of $20,000 will remain and be repaid as a lump sum at that time.

a) If the interest rate is 7 percent, what must monthly payments be over the 10-year period?

b) If the borrower chooses to repay the loan after five years instead of at the end of year 10, what must the loan balance be?

Please answer all the questions, thank you.