Determine the annual repayment schedule for the first two years (i.e., interest, principal repayment, and balance owed) for each of the following. (Assume that only one payment is made annually.)

a. $100,000 conventional mortgage for 25 years at 5 percent

Annual Payment = PMT (x) =

Year	Interest Payment	Principal Repayment	Loan Balance
1
2

b. $100,000 conventional mortgage for 20 years at 5 percent

Annual Payment = PMT (x) =

Year	Interest Payment	Principal Repayment	Loan Balance
1
2

c. $100,000 conventional mortgage for 25 years at 6 percent

Annual Payment = PMT (x) =

Year	Interest Payment	Principal Repayment	Loan Balance
1
2

d. Compare the payments required by each mortgage.