answer all the questions from 1 to 5

1)What must be the end-of-the-month mortgage payment amount required to repay a loan of $52,000 in 25 years? Assume k = 0.14 (14%) with monthly compounding.

622

626

624

628

2- Start with the same numbers as in the previous example (loan=$52,000, 25 years, k=0.14, end of month payment). What is the interest expense associated with the first payment?

608.54

612.12

610.24

606.67

3-)Determine the amount of interest expense on a 25-year mortgage of $52,000 with an interest rate of 14 percent assuming monthly compounding associated with the last payment (end of month payments).

7.22

7.24

7.26

7.20

4-) Determine the amount of total interest expense on a 25-year mortgage of $52,000 with an interest rate of 14 percent assuming monthly compounding after the last payment (beginning of the month payments).

133,621.25

137,865.53

135,786.82

131,538.65

5-) What will be the mortgage balance remaining on a loan of $52,000 with a 25-year term and k = 0.14 after the 10th end-of-month payment?

51,904.91

51,607.31

51,489.67

51,796.66