Assume that you are considering a 20-year mortgage for $400,000 with annual payments beginning in exactly one year at a 5% interest rate.

What is your annual mortgage payment?

		$32,097.03
		$31,677.88
		$20,000
		None of the above

Assume that you are considering a 20-year mortgage for $400,000 with annual payments beginning in exactly one year at a 5% interest rate.

After making 3 payments, what is the remaining loan balance?

		$363,859.20
		$303,708.90
		$361,864.10
		None of the above