1. What is the monthly payment on a $200,000 conventional fixed rate mortgage, 7 percent, financed for 15 years?

a) $1,830

b) $1,798

c) $1,679

d) $1,721

2. With reference to the question above, what is the loan balance after paying for 10 years if paid as agreed?

a) $92,721

b) $83,581

c) $85,492

d) $90,785

3. With reference to the question above, what would be the approximate amount of interest paid in the first month of the eleventh year (i.e., after paying for ten full years):

a) $530

b) $6,355

c) $1,721

d) $850