Mr. Lamb borrowed $85,000 at 11.40% compounded monthly. He agreed to repay the loan in equal monthly payments over 15 years. What is the size of the monthly payment rounded up to nearest cent? How much of the 24th payment is interest? How much of the 137th payment goes towards principal? How much principal was paid down in the third year? Now assume that in part (a) you had rounded the payments down to the nearest dollar, what would be the size of the final payment? TTT Arial 3 (12pt) T.EE of final is $143.98 Referring to the "Mr. Lamb..." question, assume the 15 year loan amortization terms were such that after the first fixed term of 4 years, the bank allowed the borrower to prepay up to 10% of the original principal. The Interest rate charged on the remaining 11 year term would also be reassessed. After the first 4 year term, assume the borrower chose to pay down 8% of the original loan, and the banks new rate is 105 with semianna compounding. What is the size of the new monthly payments rounded up to the nearest cent? TTT Arial 3 [12pt) T.EE Mr. Lamb borrowed $85,000 at 11.40% compounded monthly. He agreed to repay the loan in equal monthly payments over 15 years. What is the size of the monthly payment rounded up to nearest cent? How much of the 24th payment is interest? How much of the 137th payment goes towards principal? How much principal was paid down in the third year? Now assume that in part (a) you had rounded the payments down to the nearest dollar, what would be the size of the final payment? TTT Arial 3 (12pt) T.EE of final is $143.98 Referring to the "Mr. Lamb..." question, assume the 15 year loan amortization terms were such that after the first fixed term of 4 years, the bank allowed the borrower to prepay up to 10% of the original principal. The Interest rate charged on the remaining 11 year term would also be reassessed. After the first 4 year term, assume the borrower chose to pay down 8% of the original loan, and the banks new rate is 105 with semianna compounding. What is the size of the new monthly payments rounded up to the nearest cent? TTT Arial 3 [12pt) T.EE