1. Fixed Rate Mortgages. You borrow $300,000 for 20 years @ 8.25% with 2.5 points. What are (a) your monthly payments (b) the APR and (c) the EIR (assuming the mortgage goes 6 years)? 2. ARMs. You get an adjustable rate mortgage, borrowing $250,000 for 30 years at 7.5%. It is adjustable every 2 years with an adjustment cap of 1%. What are (a) your initial payments and, (b) at the first adjustment period ( 2 years in), what is the possible range for your new payment? 3. Amortization Tables. Produce the first 4 lines of the amortization table for the loan is question 7 4. T-Bills. Consider a T-bill with 168 days to maturity and a bank discount rate of 4.38%. What is the (a) price of the bill, (b) BYE, (c) effective interest rate, and (d) tax equivalent yields (assuming that the state tax rate is 6% )