interest 5) You buy a house for $110,000. Financing is 70% of the price with a 30-year amortization at 3.5% a) What is the monthly payment? (3pts) b) What is the total interest paid if the loan is held to maturity? (3pts) c) If you were charged one point, what is the effective rate if the loan is held to maturity? (3pts) The SAME loan has an amortization of 15 years. How would this impact: d) The monthly payment (new payment, and difference in payments)? (3pts) e) Total interest if held to maturity (dollar amount difference and direction)? (3pts) f) If the borrower decided to make $1,000 payments each month instead of the scheduled payments, how long would it take to pay off this mortgage? (3pts) Assume the 70% loan, a 30-year amortization, two points up front and a 5% prepayment penalty. You pay the loan off after 5 years. g) What is the balance at the end of year 5? (3pts) h) What is the dollar amount of the prepayment penalty? (3 pts) i) What is the effective rate if the loan was paid off in year 5? (3 pts)