5. A loan is being amortized by means of level monthly payments at an annual effective interest rate of 8%. The amount of principal repaid in the 12th payment is 1000 and the amount of principal repaid in the payment is 3700. Calculate t. 6. Tom and Marie have a 30-year $150,000 mortgage with an 8% interest rate convertible monthly. Immediately after the 120th payment, they refinance the mortgage. The interest rate is reduced to 6.5%, convertible monthly, and the term is reduced to 20 years (so there are 10 years of payments remaining). They also make an additional payment of $20,000 at the time of refinancing. Calculate their new monthly payment. 7. Elaine takes out a $100,000 mortgage on Dec 1, 1997. Elaine will repay the mortgage over 20 years with level monthly payments at an effective annual interest rate of 8%. The first payment is due January 1, 1998. After making her 120 payment, Elaine does not make any new payments for the entire next year. Elaine starts making revised monthly payments, of amount P, beginning January 1, 2009. The amount P is such that Elaine will pay off the loan in the original, 20-year term - that is to say, her last payment will be due December 1, 2017. Calculate P. 8. Bernard borrows $100,000 on January 1, 1993, to be repaid in 360 monthly installments at a nominal annual interest rate of 9% convertible monthly. The first monthly payment is due February 1, 1993. Bernard misses the first payment, but begins payment on March 1, 1993, and makes 359 payments. Determine how much Bernard still owes on the loan after making his 359 payment. 5. A loan is being amortized by means of level monthly payments at an annual effective interest rate of 8%. The amount of principal repaid in the 12th payment is 1000 and the amount of principal repaid in the payment is 3700. Calculate t. 6. Tom and Marie have a 30-year $150,000 mortgage with an 8% interest rate convertible monthly. Immediately after the 120th payment, they refinance the mortgage. The interest rate is reduced to 6.5%, convertible monthly, and the term is reduced to 20 years (so there are 10 years of payments remaining). They also make an additional payment of $20,000 at the time of refinancing. Calculate their new monthly payment. 7. Elaine takes out a $100,000 mortgage on Dec 1, 1997. Elaine will repay the mortgage over 20 years with level monthly payments at an effective annual interest rate of 8%. The first payment is due January 1, 1998. After making her 120 payment, Elaine does not make any new payments for the entire next year. Elaine starts making revised monthly payments, of amount P, beginning January 1, 2009. The amount P is such that Elaine will pay off the loan in the original, 20-year term - that is to say, her last payment will be due December 1, 2017. Calculate P. 8. Bernard borrows $100,000 on January 1, 1993, to be repaid in 360 monthly installments at a nominal annual interest rate of 9% convertible monthly. The first monthly payment is due February 1, 1993. Bernard misses the first payment, but begins payment on March 1, 1993, and makes 359 payments. Determine how much Bernard still owes on the loan after making his 359 payment