1.A mortgage requires payments of $1,000.00 at the end of every month for 25 years. If interest is 2.19% compounded semi-annually, calculate the principal of the loan.

Select one:

a. $231,119.94

b. $156,297.23

c. $155,206.86

d. $133,328.64

e. $146,188.41

2. A 22-year mortgage is amortized by payments of $1,761.50 made at the end of each month. If interest is 2.65% compounded semi-annually, what is the mortgage principal?

Select one:

a. $195,313.78

b. $352,612.52

c. $195,163.78

d. $1259,633.78

e. $299,863.78

3. A $220,000.00 mortgage is amortized over 25 years. If interest on the mortgage is 3.5% compounded semi-annually, calculate the size of bi-weekly payment.

Select one:

a. $1,098.39

b. $594.22

c. $506.95

d. $549.20

e. $954.44

4. What is the monthly payment size of a 25-year mortgage for $300,000 and an interest rate of 2.25% compounded semi-annually?

Select one:

a. $1,306.84

b. $639.81

c. $1,639.81

d. $933.81

e. $1,030.81

5. What would be the accelerated biweekly payment on a $150,000 20-year mortgage? The interest rate is 3% compounded semi-annually. Hint: First calculate the monthly payment amount.

Select one:

a. $1,068.28

b. $396.53

c. $415.25

d. $473.27

e. $534.14

6. The Taylors agreed to monthly payments rounded up to the nearest $100 on a mortgage of $336,000.00 amortized over 15 years. Interest for the first five years was 2.5% compounded semi-annually. Determine the mortgage balance at the end of the five-year term. Hint: First, determine the required monthly mortgage payment and then round that payment up to the nearest $100. Second, recalculate N.

Select one:

a. $107,755.64

b. $102,384.77

c. $265,785.36

d. $220,384.77

e. $233,657.28

7. A mortgage of $169,900 was taken out when the 5-year mortgage interest rate was 3.2% compounded semi-annually. 50 months later, the 5-year mortgage interest rate has decreased to 2.5%. What would be the new blend-and-extend mortgage rate if this mortgage is refinanced for a new 5-year term?

Select one:

a. 2.61%

b. 3.08%

c. 6.80%

d. 7.20%

e. 6.18%

8. How much principal is repaid in the 74th payment interval on a $142,300 mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 2.44% compounded semi-annually.

Select one:

a. $400.23

b. $427.16

c. $260.06

d. $572.16

e. $574.16