Hope has just bought a new house, which costs $525,000. She put down $100,000 as a down payment and borrowed the rest. Hope took a 20-year loan with the first monthly payment due in exactly one month. The mortgage rate is 4.70% APR. Show your work and highlight your final answers 1. What is Hope's monthly payment? N VY PV PMT FV 2. After four years of payments, what is her outstanding balance on the mortgage? N LY PV PMT FV 3. Ignore part (b). Hope decides to make an extra $200 pre-payment per month in addition to her regular monthly payment as computed in part (a). How many years sooner can she pay off the mortgage? N V/Y PV PMT FV For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIVS Paragraph Arial I. 26 www V 10pt