1. Calculate payments on $1,000,000 mortgage with the mortgage rate on the long-term mortgages you have on the sheet how would the payment change if the interest rate increases by 1%. what is the cut off line for refinancing if the interest rates drop by 1%? Meaning how long after the initial origination of the mortgage will it be worth refinancing if interest rates drop by 1%? What were the results of the IPO you were following? Were they over or undervalued? What were the reasons you think that resulted in over or undervaluation?