Jenn got a 30 year fixed rate mortgage with non-constant monthly payments for $700,000. The mortgage has an annual interest rate of 4.5%, compounded monthly. Jenn s monthly payment in the first 5 years corresponds to a full amortization schedule (as if it were to fully amortize in 30 years). After 5 years (60 months) of payments, her payment becomes interest only. What is Jenn s monthly payment when the loan becomes interest only?

Carlos got a fully amortizing 30 year fixed rate mortgage with monthly payments for $1,000,000 at an annual interest rate of 4.5%, compounded monthly. If Carlos made the required monthly payment every month, how many dollars in interest will Carlos pay in his 125th monthly payment?"

3) Loa wants a mortgage where the monthly payment is $3,600. How much can Loa borrow if he gets a fully amortizing 30 year fixed rate mortgage with monthly payments at an annual interest rate of 4.4%, compounded monthly?"