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1. Suppose that you borrowed $200,000 in the form of a 30-year fixed-rate mortgage with an annual interest rate of 3% with monthly payments and

1. Suppose that you borrowed $200,000 in the form of a 30-year fixed-rate mortgage with an annual interest rate of 3% with monthly payments and monthly compounding. You must pay 2 points for this loan. What will your monthly payment be for this loan (Round your answer to two decimal places)?

2. You are buying a $250,000 house for 20% down, with the rest financed at 3% for 30 years with fixed monthly payments. You must pay 2 points for the loan. At the end of 6 years, you sell the house. How much do you owe on the loan? (Round your answer to two decimal places)

3. Suppose that you borrowed $200,000 in the form of a 30-year fixed-rate mortgage with an annual interest rate of 3% with monthly payments and monthly compounding. How much of the 50th payment consists of principal? (Round your answer to two decimal places)

4. Suppose that you borrowed $200,000 in the form of a 30-year fixed-rate mortgage with an annual interest rate of 3% with monthly payments and monthly compounding. How much interest will you pay in the 16th year? (Round your answer to two decimal places)

5. Suppose that you borrowed $200,000 in the form of a 30-year fixed-rate mortgage with an annual interest rate of 3% with monthly payments and monthly compounding. How much principal will you pay in the 1st year? (Round your answer to two decimal places)

6. Suppose you borrow $250,000 for 5-years, interest only loan at 3%? You have made monthly payments for 5 years. What is the outstanding loan balance after 5 years?

7. What is the monthly payment on a $300,000, 5% loan amortized over 30 years with a maturity of 5 years? (Round your answer to two decimal places)

8. What is the balloon payment due at the end of 5 years on a $300,000, 5% loan amortized over 30 years with a maturity of 5 years? (Round your answer to two decimal places)

9. Consider a 20-year loan with a monthly payment of $1,897.95 and an annual interest rate of 4.5 percent. What was the original loan size?

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