20. What is the monthly payment in year six of an adjustable-rate mortgage where $350,000 is borrowed at an interest rate of 4.5 percent for the first five years that resets to 6 percent in year six? 21. How much mortgage can you afford if your income is $65,000 on a 30 -year fixed-rate mortgage at 5 percent where your payment (PITI) can't exceed 28 percent of your income. Assume that real state taxes are $225 per month and your homeowner's insurance is $80 per month. 22. Consider that a house sells for $250,000 with a 20 percent down payment and a seller-financed mortgage of $200,000 at 3.5 percent when the market rate is 6.0 percent. The mortgage is amortized over 25 years with a balloon payment in eight years. What is the cash equivalent adjustment? What is the cash equivalent price? 23. A small office building of 7,500 square feet will cost $2 million, including purchasing the land, site improvements, and building costs. Suppose the developer requires a 9 percent return and market rent is $22 per square foot with vacancy and collection loss of 4 percent, operating expenses of 25 percent (of EGI), and a market cap rate of 8 percent. Is it feasible to develop this property? 24. If NOI is $18.14 per square foot, what is the PGI assuming operating expenses of 28 percent and vacancy and credit loss of 10 percent