• 1) A real estate speculator purchases a tract of land for $1 million and assumes a 25-year mortgage at 4.2% interest compounded monthly. (a) What is his monthly payment? (b) Suppose that at the end of 5 years the mortgage is changed to a 10-year term for the remaining balance. What is the new monthly payment? (c) Suppose that after 5 more years, the mortgage is required to be repaid in full. How much will then be due?