For the following fixed-rate, level-payment mortgage: maturity = 15 years, amount borrowed = 90% of the appraised home value, appraised home value = $500,000, and annual note rate = 6%

(a) Construct an amortization schedule for the first 3 months.

(b) What will the mortgage balance be at the end of the 15^th year assuming no prepayments?

(c) Without constructing an amortization schedule, what is the mortgage balance at the end of the 7^th year assuming no prepayments?

(d) What is the loan to value ratio (LTV, stated as a percentage) for this mortgage at the end of the 3^rd month?