Please answer all these parts as they are related to each other.

10) Suppose that you have Average credit which means that you qualify for a conventional mortgage (30-year term, compounded monthly) at 5.4% interest. You decide to purchase a house for $500,000. How much will you pay each month?

11) (Continued from #10) How much will you pay altogether for the house (sum of payments)? How much total interest will you pay over the 30 years?

12) (Continued from #10) In 7 years, you will have demonstrated a consistent payment history and will then have Excellent credit. Your local bank might offer you a conventional mortgage at 4.2% interest, with the cost of 1 point. This means that you will have to pay 1% of the loan balance (this is almost always folded, or added, to the principle). How much total interest will you pay if you refinance in this manner?

13) (Continued from #10) After 20 years of the original loan, you plan to move to another city. What will your balance be at that time? How much equity will you have at that time?