1)For a 30-year fixed-rate fully amortized mortgage with mortgage rate 6.00% and initial balance of $100,000, what is the scheduled monthly payment?

2)Another 30-year fixed-rate mortgage with mortgage rate 6.00% and initial balance of $100,000 has an initial interest-only term of 10 years, followed by 20-year fully amortization term.

What is the monthly payment for the first 10 years?

What is the monthly payment for the remaining 20 years?

What is the monthly payment increase in dollar and in percentage from the interest-only periods to amortization periods?

3)At the end of 10 years, market 30-year mortgage rate drops to 5.00%, assume no cost for refinancing, you decide to refinance your existing mortgage with the new rate and 30-year term. What are your monthly savings you expect to have from refinancing both loans from 3a and 3b?