(1-4) Wally Bee purchased a new home for $250,000 with a $40,000 down payment. He financed the remainder with a 4% mortgage for 30 years. QUESTION 1 What is his monthly payment? $1089.66 $946.31 $988.32 $1002.54 QUESTION 2 If Wally had originally planned on using a 15 year mortgage (also at 4%), how much would Wally save in interest expense compared to the 30 year mortgage? $72,658 $67,344 $81,308 $63,564 QUESTION 3 Prepare a two month amortization schedule. (Round interest factor to 4 decimals) What is the principal reduction for month 2? Month Loan Balance Payment InterestPrincipal 0 1 2 $310.56 $351.54 $401.65 $388.21 QUESTION 4 Wally's bank has offered to lower the 4% interest rate on his 30 year loan to 3.75% if Wally will pay 1 1/4 points. What will the points cost Wally? $1895 $2625 $3155 $3365 QUESTION 5 Tedd E. Bear has an annual salary of $48,000 with no other loans outstanding. Using the 25% guideline from class and with a 20% down payment, how expensive of a home can Tedd purchase using a 4%, 30 year mortgage? $251,353 $268,246 $279,423 $261,825 need answers in 50 min,is it possible