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Need help with all please You just acquired a mortgage in the amount of $500,000 at 0.25% per month interest. Equal payments are to be

Need help with all please

You just acquired a mortgage in the amount of $500,000 at 0.25% per month interest. Equal payments are to be made at the end of each month for 15 years.

#1. What is the annual percentage (APR) on this loan?

#2. What is the effective annual rate (EAR) on this loan?

#3. If you paid $150 extra each month, how much can you save in interest payments compared to the original loan schedule?

*hint: first you will need to find total interest payments from the original loan schedule

#4. And how much can you save in time? That is, by paying extra $150 extra each month, how many years faster can you finish paying your mortgage?

#1. APR = 2.5%

#1. APR = 3%

#1. APR = 3.7%

#1. APR = 4.2%

#2. EAR = 4.82%

#2. EAR = 2.91%

#2. EAR = 3.04%

#2. EAR = 3.64%

#3. save interest of approx. $7210

#3. save interest of approx. $8550

#3. save interest of approx. $9870

#3. save interest of approx. $6690

#4. save time by approx. a little less than a year

#4. save time by approx. 2 years

#4. save time by approx. 5 years

#4. save time by approx. 10 years

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