Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5%( CALCULATOR)

1. What is the total payment in the 180thmonth? [7 points]

2.What is the outstanding balance at the end of 10 years (120 months)? [7 points]

3.What is the total interest payment during the entire loan term (180 months)? [6 points]

Problem 2 [20 points]

The maturity of the balloon loan is 5 years, amortization period is 30 years, loan amount is $85,000 with annual interest rate 4.5% and monthly payments.

1.What is the monthly payment for this balloon mortgage? [10 points]

2.What is the balloon payment at the end of five years for this balloon mortgage? [10 points]