After graduating from University you obtained a job and have been working there for three years. You recently obtain a promotion and a bonus of $20,000 that you decided to use to buy a house. The cost of the property is $100,000 and a down payment of 20% is required. There are $1000 of closing costs (added to the loan) and no points. The mortgage loan term is 30 years and the interest rate is fixed at 3% per year compounded monthly.

a)What is the amount of your monthly payment?

You have made monthly payments during five years but you still have NOT done the last payment corresponding to the twelve month of the fifth year. You decide to sell the house and move to the suburbs where you can raise your family. How much is amount that you will need to pay off the balance of the loan including the last monthly payment of the 5th year?