1. Smith buys a house for $600,000. She gets a mortgage for $450,000 and pays the rest with cash. What is Smiths Loan to Value (LTV) ratio at the time of purchase? Write the answer as a percent so for example 2.5% should be written as 2.5, not as 0.025.

2. Smith buys a house for $600,000. She gets a mortgage for $450,000 and pays the rest. How much home equity (HEQ) does Smith have?

3. Smith obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $450,000 at 4.25%. How much does Smith need to pay monthly?