2. You bought a duplex exactly 9 years ago. You paid $66,000 for the duplex. The land was worth $6,000 when you bought the duplex. You made a 20% down payment and financed the balance for 25 years at 10.5% The loan was fully amortizing with monthly payments and you paid 3 points so the lender would fix the rate for the term of the loan. You have a need for money now and wish to borrow against the property via a second mortgage. The property has appreciated 8% per year. The second mortgage terms are 12.5%, 15 years monthly payments, fully amortizing, 80% loan to value ratio, with no points required. You depreciated the improvements for 15 years using a straight line technique. Each of the following responses is worth 1 point. Show work below.