Melani's condo is worth $$600,000.$ She owes $$320,000$ on her $6\%$ fixed$-$rate mortgage compounds semiannually that has $2$ years

remaining in its term. Melani pays $$2,200$ per month towards it$.$ She also has the following debts:

$$ $$25,000$ unsecured line of credit at $6\%$ with a monthly payment of $$700.$

$$ $$30,000$ on a student loan at $8\%,$ with a monthly payment of $$220.$

$$ $$15,000$ credit card at $20\%$ with a monthly payment of $$270.$

She has already used up her prepayment privileges for the year. She can get a new mortgage at $4\%$ or add funds to her existing

mortgage at a rate of $5\%.$ Melani has a conventional mortgage charge against her property. Her lender charges $$300$ to discharge

any mortgage and $$500$ to set up new legal documents for any mortgage.

For answers:

Use round numbers for dollars $($i$.$e$.$ $$5678$ vs $$5678\mathrm{.}99)$ and no commas

Use decimal places for percentages $($i$.$e$.5\mathrm{.}098\%$ vs $5\%)$

Question $1$: Find the amortization of the current mortgage. $($Round to nearest whole number$)$

Question $2$: Find the prepayment penalty for the current mortgage. Calculate both penalty options including the $3$ months interest penalty

Question $3$: What is the Interest Rate Differential penalty?

Question $4$: Find the total amount for the New Mortgage Amount?

Question $5$: Find the payment if the penalty is paid and a new mortgage is set up$?$ Round to nearest dollar.

Question $6$: Find the interest rate if the mortgage is blended and extended? Round to $2$ decimal places.

Question $7$: Find the New Mortgage amount if the mortgage is blended and extended?

Question $8$: Find the payment if the mortgage is blended and extended? Round to nearest dollar.

Question $9$: Determine the total current monthly debt costs?

Question $10$: Find the total cost savings per month with the lowest Rate?