Answer the Following Short Answer Questions.

What would be the monthly mortgage payment if a house is purchased for $200,000 and financed with no down payment at 3% over 20 years? Assume monthly compounding. Assuming a discount rate of 8%, how much of an endowment would be required to ensure that scholarship payments of $75,000/year could be funded forever? How much more or less would be required in the endowment in (b) if there was a desire to offset the effect of annual inflation of 2%