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OLA9.1 A 30-year, $450,000 mortgage at 3.30% compounded annually is repaid with monthly payments. a. What is the size of the monthly payments? b. Find

OLA9.1 A 30-year, $450,000 mortgage at 3.30% compounded annually is repaid with monthly payments.

a.What is the size of the monthly payments?

b.Find the balance of the mortgage at the end of 7 years?

c.By how much did the amortization period shorten by if the monthly payments are increased by $125 at the end of year seven(HOW MANY YEARS AND MONTHS)?

Kindly show the details in excel to solve this.

Thank you

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