3. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,250,000 at 4.38%. How much does Ann need to pay monthly (i.e. her monthly payment in dollars)? (Answer is NOT 1250000)

8. Ann is looking for a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,250,000.

Mortgage A has a 4.38% interest rate and requires Ann to pay 1.5 points upfront.

Assuming Ann makes payments for 2 years, then immediately pays the remaining balance, what is Anns IRR from mortgage A? (Answer is NOT 4.38)