a. Jasmine has an opportunity to buy a rental house from a friend for $105,000. She will make a 25% down payment and his friend will finance the balance with a mortgage calling for monthly payments over 20 years at 6.5% interest. How much will her payments be?

b. Harris has a mortgage with an original principal of $525,000 amortized over 30 years in monthly payments at 3.5% interest. What is the monthly payment? What is the sales price if it is a 70% LTV?

c. What is the mortgage balance of the above problem if it has a 7-year balloon note?